Daily Forex Update: GBP/AUD

By: Dima Chernovolov

GBP/AUD continues to fall after the earlier breakout of the Triangle chart pattern which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 7 bar level – which reflects the slow Initial Trend (3 bars) and high Uniformity and Clarity (rated at the 8 and 9 bar levels respectively). Autochartist rates the strength of this breakout at 9-bar level. GBP/AUD is expected to soon reach the forecast price 1.6482. 

As can be seen from the following daily GBP/AUD chart, the top of this Triangle formed when the pair reversed down from the resistance zone lying between the round resistance level 1.7000, upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from September. The proximity of this resistance  zone adds to the likelihood GBP/AUD will soon reach the forecast price 1.6482.

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