Forex Technical Update

GBP/AUD

GBP/AUD

The GBP/AUD failed to sustain a break below range support seen in the 4H chart at 1.5310. After consolidating around 1.53, the market rallied, stalled under 1.55, and in the 4/19 European-US session, is breaking above 1.55 and consolidation resistance. The moving averages are re-aligning themselves to show a bearish market (with 200 SMA at the bottom, than 100, 55, 21, and 8 going up).

If this is a true breakout, and there is a throwback, the 1.54-1.5425 area should provide support.

GBP/AUD

The daily chart shows the target for the current breakout. The 1.5677 level is a resistance formed in Dec. 2011. From the resistance area of 1.5650-1.5677, we might expect a bit stronger reaction, back toward the 1.55, and the 1.54 area. However, if the market pushes above 1.57, we open up the next resistance pivot from Nov. 2011, near 1.6050.

Join the Market Intelligence Briefings to get fundamental analysis, technical setups, trade plan and management strategies for the GBP/AUD, and other currency pairs.

Fan Yang CMT is a trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

 

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.