GBP/AUD continues to decline after the recent completion of the Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the low Initial Trend (3 bars) and substantial Uniformity and Clarity (rated at the 9 and 10 bar levels respectively). Higher Uniformity and Clarity reflect the well formed chart pattern with higher visibility to the market participants. Higher visibility in turn increases the probability of further losses for this currency pair after the completion of this chart pattern.
The top of this Rising Wedge (point C on the chart below) formed close to the major level of resistance at 1.6200 (former strong support which had reversed strong downtrend in the middle of 2010 and which had been reversing the pair down over the last few months, after having been broken in October of 2010, as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 1.5981.
The following weekly GBP/AUD shows the previous price action close to 1.6200:
GBP/AUD" title="GBP/AUD" width="595" height="598">
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GBP/AUD Continues To Decline After Completion Of Rising Wedge
Published 05/16/2012, 07:40 AM
Updated 03/09/2019, 08:30 AM
GBP/AUD Continues To Decline After Completion Of Rising Wedge
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