By Anton Eljwizat – In the last few weeks trading, the GBP/AUD experienced much bearishness, as it stands now at 1.6347. However as I demonstrate below, it seems that the pair’s bearish run may have run of steam, and a bullish correction could be underway soon. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the daily chart of the GBP/AUD currency pair.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic indicates a fresh bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The RSI signals that the price of this pair currently floats in the over-sold territory, suggesting upward pressure.
• Point 3: The MACD indicates an impending bullish cross, signaling that the next move may be in an upward direction.
GBP/AUD Daily Chart
Forex Market Analysis provided by Forex Yard.
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