GBP/AUD has recently completed the High Quality Triangle chart pattern identified by Autochartist on the 4-hourly charts. The overall Quality of this chart pattern is measured at the 9 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), and substantial Uniformity and Clarity (both rated at the 8 bar level). The completion of this Triangle follows the preceding sharp upward price impulse from the strong support at 1.4800 (which had previously reversed the pair up in the July of 2011) – that in the March of this year broke up through the longer-term downward resistance trendline from the July of 2010 (as is shown on the second chart below). The pair is expected to rise further toward the Forecast Price 1.6250.
As can be seen from the PowerStats chart below, the top of the daily Expected Price Range for GBP/AUD for tomorrow (1.6250) is exactly the same as the Forecast Price calculated for the completion of the above Triangle, which increases the probability that GBP/AUD will continue to rise toward this level.
The following weekly GBP/AUD chart shows the aforementioned technical price levels:
GBP/AUD" title="GBP/AUD" width="592" height="655">
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Daily Forex Update: GBP/AUD
Published 05/24/2012, 07:11 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/AUD
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