Trade of the Day: GBP/AUD

GBP/AUD continues to fall toward the key support level 1.7728, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 3-bar level – which is the result of the 3 earlier reversals from this price level. GBP/AUD is expected to fall further toward this support level.

As can be seen from the daily GBP/AUD chart below – the price earlier reversed down from the resistance area located between the key resistance level 1.7935 (former monthly high from January), upper daily Bollinger Band and the 61.8% Fibonacci correction of the pervious downward impulse from December. The proximity of this resistance area increases the probability EUR/CHF will continue to fall toward the support level 1.7728.