GBP/AUD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD is about to test the lower boundary of the channel it has been forming since the first half of October. The base scenario is a rebound from 2.14, where we also have the monthly PP and 200-period SMA. The ensuing rally should pierce through the November 1 high and move towards the upper trend-line.
Alternatively, in case demand at 2.14 is insufficient to start a rally, the current sell-off will likely extend down to 2.11, namely the October 23 low, which is followed by 2.08 (October low). Additional ‘buy' signal, although weak, is the fact that the market is oversold, being that 60% of open positions are short.
© Dukascopy Bank SA
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