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Chart Of The Day: GBPAUD Re-Tests Horizontal Support-Region

30 August 2017 09:34 PM BDT
Chart Of The Day: GBPAUD Re-Tests Horizontal Support-Region

 

Following its inability to rise beyond 1.6360, the GBPAUD presently revisits the 1.6180 60 broad support zone that has been limiting the pair's downside off late. However, failure to respect the 1.6160 mark on a daily closing basis can quickly fetch the quote to 1.6100, the 1.6020 and then to the 1.6000 round figure. In case of the pair's sustained declines after 1.6000, the 1.5895 90 horizontal line should be watched closely, clearing which chances of witnessing 1.5785 on the chart can't be denied.

On the upside, the 1.6270 and the 1.6360 are likely nearby resistances that can entertain the counter trend traders, break of which could stretch the recovery to 1.6420 and then to the 1.6550 60 resistance confluence, comprising descending TL & 50 day SMA. If at all buyers manage to propel prices above 1.6560, the 1.6620, the 1.6680 and the 1.6760 might please the Bulls.

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