GBP/AUD 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD attempted to abandon the three and a half-year low of 1.5913 which it tested in October 2016, but has not been conclusively successful yet as a ranging motion has emerged on several time frames. The pair has sketched a symmetrical triangle on the hourly chart which suggests that the downward motion should extend below the critical area. The rate has also formed a descending triangle on the daily time-frame and just hit the upper trend-line which serves a s an additional bearish signal. The next target therefore lies below at 1.6058 with hitches at 1.6105 and 1.6093, respectively.
© Dukascopy Bank SA
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