GBP/AUD has recently completed the Clear extended Triangle chart pattern identified by Autochartist on the 30-minute charts. The length of this chart pattern is equal to 193 candles. Autochartist rates the overall Quality of this chart pattern at the 6 bar level as a result of the low Initial Trend (measured at the 2 bar level), above average Uniformity (6 bars) and maximum Clarity (10 bars). Higher Clarity indicates wider agreement among the market participants regarding the latest upward movement of this currency pair. This chart pattern reverses the previous daily downward price impulse following the latest unsuccessful attempt to break down below the strong support at the round price level 1.5000 (which has been reversing downward price impulses for the last few months, as is shown on the second chart below). The pair is expected to rise further in the direction of the Forecast Area set between price levels 1.5735 and 1.5864.
The following daily GBP/AUD chart shows previous price action close to the strong support at 1.5000.
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Daily Forex Update: GBP/AUD
Published 12/20/2011, 07:46 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/AUD
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