Trade of the Day: GBP/AUD

GBP/AUD recently broke the 4-hour Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 5-bar level – which is the result of the below-average Initial Trend (4 bars), lower Uniformity (3 bars) and Clarity (4 bars). GBP/AUD is expected to rise toward the forecast price 1.7665.

As can be seen from the daily GBP/AUD chart below – the pair earlier broke the resistance area located between the key resistance level 1.7545 (which has been reversing the pair from the start of February) and the 50% Fibonacci correction of the earlier downward impulse from January. This price area is acting as the support zone after it was broken. The proximity of this support area increases the probability GBP/AUD will continue to rise toward the forecast price 1.7665.