Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to rise inside the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (1 bar), significant Uniformity (7 bars) and strong Uniformity (9 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance area shown below.

As can be seen from the daily GBP/AUD below, the pair recently broke through the resistance area lying between the key resistance level 1.8160 (which has been reversing the price from last November) and the 61.8% Fibonacci correction of the previous sharp downward impulse from October. This price area is acting as a support zone after it was broken. The proximity of this support zone increases the probability GBP/AUD will continue to rise inside this Up Channel.

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