Daily Forex Update: GBP/AUD
By: Dima Chernovolov
GBP/AUD continues to fall inside the clear daily Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which reflects the slow Initial Trend (2 bars), lower Uniformity (2 bars) and significant Clarity (7 bars). GBP/AUD is expected to fall further inside this Falling Wedge – in line with the earlier downward reversal from the major resistance area shown below.
As can be seen from the weekly GBP/AUD chart below, the top of this Falling Wedge formed when the pair reversed down from the powerful resistance area located between the long-term resistance level 1.8500 (which stopped the sharp uptrend in March) and the upper weekly Bollinger Band. The proximity of this resistance zone and the overbought weekly Stochastic increase the probability GBP/AUD will continue to fall inside this chart pattern.
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