31 Oct 2013
GBP/AUD under tremendous pressure below 1.69
FXstreet.com (Chicago) - GBP/AUD has been seriously weakened after the release of Australian data.
Technically speaking, the pair is under tremendous pressure as evidenced by price action: two supports broken heading to the 1.6850 zone. Breaking the upward trendline that started last week, Australian data triggers a bullish sentiment for the Aussie, weakening the pair that now trades below the 1.69 key psychological zone.
Offered at 1.6880, the pair oscillates between the supports aligned at 1.6830 (October 9th lows), 1.6753 (October 24th lows) ahead of 1.6658 (October 16th lows) and the resistances set at 1.6890 (September 10th lows), 1.6941 (October 29th highs) followed by 1.66 (September 3rd lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis with a neutral EMA20.
Technically speaking, the pair is under tremendous pressure as evidenced by price action: two supports broken heading to the 1.6850 zone. Breaking the upward trendline that started last week, Australian data triggers a bullish sentiment for the Aussie, weakening the pair that now trades below the 1.69 key psychological zone.
Offered at 1.6880, the pair oscillates between the supports aligned at 1.6830 (October 9th lows), 1.6753 (October 24th lows) ahead of 1.6658 (October 16th lows) and the resistances set at 1.6890 (September 10th lows), 1.6941 (October 29th highs) followed by 1.66 (September 3rd lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis with a neutral EMA20.