Trade of the Day: GBP/AUD

GBP/AUD recently broke the 4-hour key resistance level 1.7650, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 4-bar level – which is the result of the 4 previous reversals from this price level. GBP/AUD is expected to rise toward the forecast price 1.7735.

As can be seen from the daily GBP/AUD chart below – the pair earlier reversed up from the support area located between the key support level 1.7490 (which has been reversing the pair from the start of October) and the lower daily Bollinger Band. The proximity of this support area increases the probability GBP/AUD will continue to rise toward the forecast price 1.7735.