GBP/AUD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a failure at 1.9189 at the end of January GBP/AUD started to trade in a down-trend. And while at a first glance it may look like a bearish channel, the trading range has been narrowing since, from eight and a half figures to six and a half, implying that the emerging pattern is a falling wedge. Accordingly, eventually the trend is supposed to reverse, but the near-term prospects are bearish, since the currency pair has just confirmed the down-trend resistance at 1.83 and it is now moving en route to the lower edge of the pattern at 1.75. As for the present distribution between the long and short positions, it is notably skewed in favour of the former that take up 65% of the market.
© Dukascopy Bank SA
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