GBPAUD *Updated View*
When I previously wrote about this pairing a few weeks ago it was trading at 2.035, however, over the past weeks, there has been a steady fall of GBPAUD. With a number of economic indicators being released this week, including interest rates and GDP for Australia, I thought I should review my outlook on this position.
My first target price of 1.86 was met and my second target price of 1.81 should be comfortably met this week. When it reaches 1.81 the pairing will have to be watched carefully as this point of resistance could either see a rebound in-line with the pairings short term trend up to the 1.9's or it could continue on its longer-term downwards trend and begin the fall down to 1.71, my third target price.
Looking at my technical indicators, we are close to seeing a cross over in 200 and 50 ema within the day time frame which will give further confirmation of this continuing downtrend as this has already been seen in the 4-hour and 1-hour time frame.
Would love to hear feedback on my analysis as always!
Stay safe.
My first target price of 1.86 was met and my second target price of 1.81 should be comfortably met this week. When it reaches 1.81 the pairing will have to be watched carefully as this point of resistance could either see a rebound in-line with the pairings short term trend up to the 1.9's or it could continue on its longer-term downwards trend and begin the fall down to 1.71, my third target price.
Looking at my technical indicators, we are close to seeing a cross over in 200 and 50 ema within the day time frame which will give further confirmation of this continuing downtrend as this has already been seen in the 4-hour and 1-hour time frame.
Would love to hear feedback on my analysis as always!
Stay safe.
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