Trade of the Day: GBP/AUD

By: Dima Chernovolov

GBP/AUD recently broke the key support level 1.8103, which was recently identified by Autochartist. Autochartist rates the Significance of this support level at the 4-bar level – which is the result of the four earlier reversals from this price level. GBP/AUD is expected to fall toward the forecast price 1.8033.

As can be seen from the weekly GBP/AUD chart below – the pair earlier reversed up from the major resistance level 1.8200 (former strong support from the end of 2021), standing near the upper weekly Bollinger Band. The proximity of the resistance level 1.8200 and the overbought weekly Stochastic increase the probability GBP/AUD will continue to fall toward the forecast price 1.8033.