GBP/AUD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 220-bar long rising wedge was formed by GBP/AUD in the beginning of July. Several days ago, the pair touched 1.7486, which is the highest level since August 2010 and then moved closer to pattern's support. Regarding the pair's outlook, we might suggest the short term outlook is bearish, as indicators on 4H chart are sending "sell" signals, while 72% of traders are opening short positions. However, after touching the support line, the pair is likely to resume following the uptrend, therefore a touch of the lower trend line would be interpreted as usually– as a "buy" signals. Hence, medium and long terms outlooks are bullish.
© Dukascopy Bank SA
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