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Chart Of The Day: GBPAUD Re-Tests Horizontal Support-Region

Aug 30 2017, 09:34 PM (+06) |


Following its inability to rise beyond 1.6360, the GBPAUD presently revisits the 1.6180-60 broad support-zone that has been limiting the pair's downside off-late. However, failure to respect the 1.6160 mark on a daily closing basis can quickly fetch the quote to 1.6100, the 1.6020 and then to the 1.6000 round-figure. In case of the pair's sustained declines after 1.6000, the 1.5895-90 horizontal-line should be watched closely, clearing which chances of witnessing 1.5785 on the chart can't be denied.

On the upside, the 1.6270 and the 1.6360 are likely nearby resistances that can entertain the counter-trend traders, break of which could stretch the recovery to 1.6420 and then to the 1.6550-60 resistance-confluence, comprising descending TL & 50-day SMA. If at all buyers manage to propel prices above 1.6560, the 1.6620, the 1.6680 and the 1.6760 might please the Bulls.

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