Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to rise after the earlier breakout of the Key Resistance level 1.6756, which was recently identified by Autochartist on the daily charts. Autochartist measures the Significance of this key level at the 3 bar level – which is the result of the three previous price reversals from this resistance level. GBP/AUD is expected to rise in the direction of the forecast price 1.7426 in line with the technical analysis shown below.

As can be seen from the daily GBP/AUD chart below, the breakout of this Key Resistance level coincided with the breakout of the resistance zone lying between the resistance trendline of the daily Descending Triangle from September and the 61.8% Fibonacci correction of the downward impulse from January. This price zone is acting as support area after it was broken.  The proximity of this support area increases the probability GBP/AUD will continue to rise toward the forecast price 1.7426.

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