Monday 11 December 2017

GBP/AUD Is Bearish





GBP/AUD reached a new high at 1.7994 but the pair bounced off from that level after forming signals on both the long and the short time-frames that it may do so, namely on the one-hour and the weekly ones.

 Let’s begin with the one-hour time frame – the pair formed a clear double top at the aforementioned resistance as well as a shooting star candlestick before it began moving to the downside. On the weekly time-frame there is a hanging man candlestick that is below the same resistance, further confirming the end of the move to the upside. Whether this is temporary or these signals are a prelude to reversal is yet unclear, but for now the pair is testing the support at 1.7700 and it will probably break out below that level to continue falling towards 1.7450.

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