GBP/AUD Technical Overview & H4 Chart

Technical Analysis
2017年5月29日
GBP/AUD Technical Overview & H4 Chart

In our recent report about the GBP/AUD on May 1 we recommended selling the currency pair after we saw it couldn’t break the channel up. We sold it at 1.7220 and made our target at 1.7100 - in just 4 candles on the H4 chart our target was achieved.

Today we would analyze this pair again to discover a new trading opportunity.

Firstly, the pair broke the channel up and was back to trading inside it again. It finally broke it down and now it’s trading inside a new price channel which has just been formed to make the down correction wave. The prices touched the lower limit of the channel in the first trading hours of this week to rise back again because that is a support area for the pair.

The pair is still trading below the simple moving average, so we can expect that the pair will decline further than the last bottom, but the stochastic indicator is still moving up, so we can’t sell now even if the pair makes the distribution process.

The Next Few Days

Based on this overview, we can wait a little for the prices to test the broken channel and touch the SMA50 or be close to it. This way we can sell when the stochastic gives us the sell signal, which would probably be at 1.7320, keeping our first target at 1.7143 and the second one at 1.6990, but if the pair breaks the down channel we have to buy it and keep the target at 1.7560.

We have to be careful from this week's calendar news like the Retail sales from Australia and the PMIs data from the UK.

SuperForex
Chinese Problems

Technical Analysis

Chinese Problems

SuperForex
2017年5月26日
XAU/USD: Short Review & Forecast

Technical Analysis

XAU/USD: Short Review & Forecast

SuperForex
2017年5月26日
GBP/JPY Technical Analysis & Daily Chart

Technical Analysis

GBP/JPY Technical Analysis & Daily Chart

SuperForex
2017年5月25日