GBP/AUD 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD is now trading right at the apex of the symmetrical triangle. However, there is little certainty regarding the direction of a break-out, being that since summer the currency pair has been lacking a distinct trend. Still, considering that there is a bullish bias among the technical indicators and the spot price is above the long-term moving average, the risks are considered to be skewed to the upside. If the resistance trend-line at 2.1440 is broken, the main target will be this month's high at 2.1728, while intermediary obstacles will be at 2.1480 and 2.1560. At the same time, the market is oversold—68% of open positions are short.
© Dukascopy Bank SA
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