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GBP/AUD Breaks Below Key Support Zone

By JFD TeamForexOct 20, 2021 07:21AM ET
www.investing.com/analysis/gbpaud-breaks-below-key-support-zone-200605671
GBP/AUD Breaks Below Key Support Zone
By JFD Team   |  Oct 20, 2021 07:21AM ET
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GBP/AUD traded lower on Wednesday, breaking below 1.8423, a critical level that supported the price action on Friday and yesterday. Overall, the pair continues to print lower highs and lower lows below the downside resistance line taken from the high of Sept. 20, so we would consider the short-term outlook negative.

The move below 1.8423 has confirmed a forthcoming lower low, and the pair could head towards 1.8357, marked by the low of July 7. If the bears stay in charge, we could see the pair head towards the low of the day before, 1.8253.

Bearish View

Shifting attention to our short-term oscillators, we see that the RSI turned down after hitting resistance at its 50 line and now looks to be headed towards the 70 line. While the MACD lies below both its zero and trigger lines, pointing down. Both indicators detect downside speed.

Bullish View

We would like to see a clear recovery back above 1.8612, which is the peak of Oct. 18, before we start examining the case of a bullish reversal. This will confirm the break above the downside line and ensure a forthcoming higher high on 4-hour and daily charts.

The buyers may soon touch the peak of Oct. 8, at 1.8672, where another break could carry more bullish implications, perhaps towards the high of Oct. 6, at 1.8765.

GBP/AUD 4-hour chart technical analysis.
GBP/AUD 4-hour chart technical analysis.

GBP/AUD Breaks Below Key Support Zone
 

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GBP/AUD Breaks Below Key Support Zone

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Mpire In
Mpire In Oct 30, 2021 3:09AM ET
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The price fall down to 1,8180 as u was expecting what do u think now the price will go to the upside from here or continiue to the downside?
 
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