Monday 17 August 2015

GBP/AUD: New Move To The Downside?




It appears that GBP/AUD is about to move to the downside again after it reached the resistance level at 2.1240 and bounced off of it. That is hardly surprising, considering the double top the pair formed last week. To elaborate, the pair will likely continue falling at least until it reaches the next support level, which is at 2.0920. Considering that the bullish trend has lasted for a long time now, that GBP/AUD formed a spinning top candlestick on the weekly filter chart and that it is high time for a proper correction, I would say that it is quite possible for the pair to break below that level and continue falling towards the support at 2.0580, which coincides with the (89)MA on the daily filter chart.

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