GBPAUD is approaching our first resistance at 1.8084 (horizontal swing high resistance, 61.8% Fibonacci retracement, 161.8%, 100% Fibonacci extension, Elliot wave structure) and a strong reaction might occur below this level, pushing price down to our major support at 1.7769 (horizontal overlap support, 50% Fibonacci retracement). A breakout below our short term ascending line might provide the bearish acceleration to our major support target.
Stochastic (21,5,3) is also approaching our resistance we might see a further corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (21,5,3) is also approaching our resistance we might see a further corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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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.
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.