GBP/AUD Wait for the trigger
If you look at the daily chart, you can see that GBP/AUD broke the rising wedge and retested 2 times creating a very strong resistance area around 1.8061. Looking at the 2H chart, GBP/AUD reached the 1.8061 area and rejected it with an ascending formation.
Hence, breaking this ascending channel will push GBP/AUD towards the 61.8% Fibonacci Retracement level (1.78865) as our first target. If it manages to break this level, we could see GBP/AUD reaching the beginning of the channel at (1.7785) which will be our second target. Now breaking the beginning of the channel will push the price for more downside possibly reaching the beginning of the rising wedge that you can see on the daily chart at 1.74500.
Hence, breaking this ascending channel will push GBP/AUD towards the 61.8% Fibonacci Retracement level (1.78865) as our first target. If it manages to break this level, we could see GBP/AUD reaching the beginning of the channel at (1.7785) which will be our second target. Now breaking the beginning of the channel will push the price for more downside possibly reaching the beginning of the rising wedge that you can see on the daily chart at 1.74500.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.