Daily Forex Update: GBP/AUD
By: Dima Chernovolov
GBP/AUD continues to fall inside the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 8-bar level – which is the result of the significant Initial Trend (7 bars) and higher Uniformity and Clarity (both rate at the 8 bar level). GBP/AUD is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the daily GBP/AUD below, the pair recently reversed down sharply with the daily Falling Star from the powerful resistance zone lying between the major resistance level 1.8730 (which reversed the previous sharp uptrend in October) and the upper daily Bollinger Band. The strength of the active daily correction from this resistance zone increases the probability GBP/AUD will continue to fall inside this Down Channel.
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