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GBP/AUD peaked at 1.9190 in January and since then the currency pair has generally been in decline. And while it may be too early to claim that there is a fully formed falling wedge pattern, the possibility of this being true is fairly high if we connect the most recent tops and bottoms.
Leaving long-term perspectives aside, the outlook in the short run in deemed to be bullish, mainly because of the presence of the down-trend support at 1.7778. Still, we must note that this line failed to initiate a sustainable recovery in the last days of March. At the same time, SWFX traders' sentiment is strongly bullish, since 73% of open positions are long.
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