Autochartist has recently identified the extended daily Key Support Level 1.5115 (of the type Approach) on the GBP/AUD charts. The Length of this Key Support is equal to 186 candles. Autochartist rates the Significance of this Key Level at the 3 bar level. The pair previously reversed sharply down (at point A) from the upper resistance trend line of the longer term Triangle chart pattern from February of 2012.
The subsequent downward price impulse broke the support trend line from August (as can be seen on the second chart below). The pair is expected to fall further toward this Key Support Level – continuing the predominant downtrend that can be seen on the daily and the weekly GBP/AUD charts.
The daily GBP/AUD chart below shows the technical price levels mentioned above:
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