Trade of the Day: GBP/AUD

GBP/AUD recently broke the 30-minute key support level 1.9049, 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 4 previous reversals from this price level. GBP/AUD is expected to fall further toward the forecast price 1.8987.

As can be seen from the daily GBP/AUD chart below – the pair earlier reversed down from the key resistance level 1.9180 (which stopped the sharp uptrend in May), intersecting with the upper daily Bollinger Band. The proximity of these resistance levels and the overbought daily Stochastic increase the probability GBP/AUD will continue to fall toward the forecast price 1.8987.