Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to fall after the recent breakout of the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which reflects the strong Initial Trend (9 bars), average Uniformity (5 bars) and significant Clarity (8 bars). GBP/AUD is expected to fall toward the forecast price 1.7297 in the nearest time.

As can be seen from the daily GBP/AUD chart below, the breakout of this Up Channel  coincided with the breakout of the support area lying between the key support level 1.7570 (former resistance level from November) and the 38.2% Fibonacci correction of the previous upward impulse from November. This price area is acting as resistance zone after it was broken. The proximity of this resistance area increases the probability GBP/AUD will continue to fall toward the forecast price 1.7297.

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