Trade of the Day: GBP/AUD
By: Dima Chernovolov
GBP/AUD currently rising toward the key resistance level 1.8919 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. GBP/AUD is expected to continue to rise toward the key resistance level 1.8919.
As can be seen from the daily GBP/AUD chart below – the price earlier reversed up from the support area located between the pivotal support level 1.8765 (former strong support from the start of August) and the 50% Fibonacci correction of the upward impulse from the start of September. The proximity of this support area and clear daily uptrend increases the probability GBP/AUD will continue to rise toward the key resistance level 1.8919.