GBPAUD Technical Analysis

The descending trendline has managed to hold up as the bears continue to push prices further down, I’m currently waiting for prices to reach the 1.7820 region for support from both the horizontal & trendline before I decide my next move

Also sitting on the sideline for this pair since I’ve missed several of the bounces and wasn’t willing to chase the trade, the descending trendline continues to hold as resistance as prices continue to fall, I’ll be looking for a buy position on the ascending trendline or on the horizontal levels for support.


GBP/AUD chart has experienced a descending trend during the recent Days that could record the bottom price of 1.78312. One of the sellers’ targets was the support zone of 1.78304 that they were successful in reaching to it and right now ,the price was not able to descend more by reaching to this level. By forming a Hammer candlestick pattern in mentioned bottom price, there is a potential for creating a bottom price and ascending of price.

In H4 time frame of this currency pair there is Butterfly harmonic pattern between the Top price of 1.81403 and the bottom price of 1.78312 that with completing the D point of this pattern , there is a warning for changes in price.RSI indicator is in saturation Sell area and in divergence mode with the price chart warns about changing price direction during the next candles. If price rises and buyers success first of the price targets would be Down trendline that is obvious in the picture below. Generally according to the formed signs in the chart, until the bottom price of 1.78312 is preserved, price has the potential to correction.

[B]Technical Analysis of GBP/AUD dated 2014.06.11[/B]


From my blog:

Bounce due in gbpaud?
The weekly chart shows GBPAUD’s decline since August last year. It’s just popped out of oversold on RSI, and there’s hidden bullish divergence too. Time for a retrace to previous S/R at about 1.9100?

GBPAUD, bullish inside bar at support