Thursday, 24 May 2018

GBP/AUD May Continue Falling



Despite the two doji candlesticks that GBP/AUD had formed on the weekly time-frame at the support at 1.7900 the pair broke out below that level and continued moving to the downside. Currently the pair has almost reached the next major support level, which is at 1.7565 and coincides with the (MA)89 indicator on the same time-frame. The question is, obviously, whether there will be a breakout below that level too. If there is one the pair will likely continue falling towards the next support at 1.7260. On the other hand, if it bounces off from the aforementioned indicator it could rise back towards the last high at 1.8505.

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