Autochartist has recently identified the extended Triangle chart pattern on the daily GBP/AUD charts. The length of this Triangle is equal to 179 candles. The Quality of this chart pattern is rated at the 6 bar level as a result of the low Initial Trend (measured at the 3 bar level), average Uniformity (5 bars) and maximum Clarity (10 bars). This Triangle is developing in line with the long-term downtrend visible on the daily and the weekly GBP/AUD charts.
The top of this Triangle (point A) formed at the 38,2 Fibonacci Correction of the preceding weekly downward price impulse from July of 2010. The price has recently reversed down (at B) from the 61,8% Fibonacci Retracement of the preceding downward price impulse (from A to D) standing close to resistance level 1.5600. GBP/AUD is expected to fall further toward the lower support trendline of this Triangle.
The weekly GBP/AUD chart below shows the longer term picture of this currency pair’s movement:
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GBP/AUD In Extended Triangle Pattern
Published 09/13/2012, 07:31 AM
Updated 03/09/2019, 08:30 AM
GBP/AUD In Extended Triangle Pattern
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