Trade of the Day: GBP/AUD

By: Dima Chernovolov

GBP/AUD recently broke the key resistance level 1.7030, which was previously identified by Autochartist. Autochartist measures the Significance of this resistance level at the 6-bar level – which is the result of the six previous price reversals from this price level. GBP/AUD is expected to continue to rise toward the forecast price 1.7093.

As can be seen from the weekly GBP/AUD chart below – the pair earlier reversed up strongly from the support area located between the round support level 1.6000 (which previously reversed the pair sharply in 2016 and also in 2017) and the support trendline of the weekly down channel from the start of this year. The proximity of this support zone adds to the probability GBP/AUD will continue to rise toward the forecast price 1.7093.