Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to rise inside the clear 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend and Uniformity (both rated at one bar level) and strong Clarity (7 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the key support area shown below.

As can be seen from the daily GBP/AUD chart below, price earlier reversed up  from the combined support area lying between the key support level 1.7960 (former resistance from December and February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from January . The proximity of support area increases the probability GBP/AUD will continue to rise inside this Up Channel.

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