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GBPAUD continues to go down to 1.763???

1. Monthly chart: shows this pair is still in a rising channel. So I think medium-term target could be 2.0 level, It's also Fibonacci 50% level in monthly chart. May be the pair is in a correction process and short-term target could be around 1.76 level.
2. Weekly chart: weekly chart shows the pair is in wave 4 and prepare to start wave 5 for medium-term target 2.0 level. I think wave 4 can finish soon and I will watch closely on 1.76 level.
3. Daily chart show supply zone around 0.83 and deman…
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Haynes6EU avatar

Down momentum still intact but it seems that the momentum is weaker!

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The pair bounced from support level after Carney's comments last week! The pair still is in consolidation period. I expect one more down leg before go up!

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The pair still consolidating in range 1.79~0.82! I still expect one more leg down before the pair can go up. China's Manufacturing PMI continue to support for AUD!

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Bored pair with thin range 1.8 ~ 1.82. What next? Let's wait RBA interest rate decision and statement.

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GBPAUD retest 0.84 level before go south?

Framework:
I. Fundamental: U.K's Fundamental data continues to support for GBP. Meanwhile Australia's fundamental data change from bullish to neutral after soft CPI data, next move of AUD depend on employment data.
II. Currency positioning: Net long position for both GBP and AUD.
III. Technical view:
1. Weekly chart: The pair GBPAUD go down when hit long-term downtrend line, reversal sign confirmed by a break neck line. The price go down and hit support at 1.774. There are two bullish candles fr…
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The price fall down from 0.83 resistance level. Fundamental is supporting for AUD. Employment data is good :D

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Next target: 1.76. After that price go up!!!!!!!!!!

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1.783 level hold and price bounce from there. AUD is loosing up momentum

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The pair bounce from 1.783 level. Now the pair can retest the neck line at 1.836~1.84 area

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It seems that the pair is consolidation in wave 4 and prepare for wave 5. The pair can visit 1.76 before go up to 2.0. Maybe?

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