GBP/AUD May Continue Moving to the Upside

GBP/AUD found some resistance above the (MA)89 indicator at 1.7830 and bounced off from 1.7970, forming a rather impressive shooting star candlestick on the daily time-frame. That candlestick was preceded by a hanging man candlestick on the same time-frame, formed on the aforementioned indicator. If the pair breaks out back below it there will probably be a move to the downside towards 1.7650. On the other hand, if the move to the upside continues and the pair breaks out above 1.7970 it could reach 1.8000 and is likely to break out above that level too. If it does, next target will probably be around 1.8200.

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.

GBP/AUD Formed a Double Bottom

After several weeks of consolidating sideways below the resistance at 1.8475 GBP/AUD finally bounced off from that level and began moving to the downside. It eventually found some support at 1.7935, which is the (MA)89 indicator on the daily time-frame. Since the pair has obviously formed a double bottom at that support the question is whether the move to the downside will continue next week. 

If there is a breakout there may be a further move to the downside towards the next major support level, which is at 1.7540 and coincides with the same (MA)89 indicator, but on the weekly time-frame.

On the other hand, if the pair bounces off from the current support there will probably be a move to the upside towards the aforementioned resistance at 1.8475.