We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • The New Zealand Dollar may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here #NZD $NZDUSD $NZDJPY - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/23/New-Zealand-Dollar-Outlook-May-Shift-Bearish-NZDUSD-NZDJPY.html?CHID=9&QPID=917702 https://t.co/4CrXQGOv47
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.23% US 500: -0.23% Germany 30: -0.38% France 40: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Ur3OkrqGnr
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/PPzPnSlo2o
  • 🇯🇵 JPY All Industry Activity Index (MoM) (NOV), Actual: 0.9% Expected: 0.4% Previous: -4.8% https://www.dailyfx.com/economic-calendar#2020-01-23
  • In fact, the very same forces that keep rates low stoke political friction (asset owners vs not) and boost misallocation risk, stoking liquidity demand further https://t.co/VRk6oAlfGu
  • Commentary from #Davos suggests many think a low-yield slog is ahead. As a result, "cash is trash", to quote @RayDalio. Given the broad range of risks however (geopolitical, etc), falling yields make owning liquidity both attractive & relatively cheap... #USD
  • Heads Up:🇯🇵 JPY All Industry Activity Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 0.4% Previous: -4.3% https://www.dailyfx.com/economic-calendar#2020-01-23
  • My trading video for today: 'S&P 500 and VIX May Be As Exposed to #ECB as the $EURUSD' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/23/SP-500-and-VIX-May-Be-As-Exposed-to-ECB-as-the-Euro.html?ref-author=Kicklighter?CHID=9&QPID=917719
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/JVwCtDFWH4
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: -0.08% Silver: -0.30% Oil - US Crude: -1.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/d3BzFYEB3V
GBP/AUD Technical Outlook: Price Testing Major Trend Support

GBP/AUD Technical Outlook: Price Testing Major Trend Support

2018-07-31 16:30:00
Michael Boutros, Technical Strategist
Share:

GBP/AUD Weekly Price Chart

GBP/AUD Weekly Price Chart

Technical Outlook: GBP/AUD has been trading within the confines of a well-defined ascending pitchfork formation extending off the 2016 low. Price is now testing slope support (red) and a weekly close below this threshold would risk substantial losses for the pair targeting confluence support at 1.7470/90 (52-week moving average & 38.2% retracement) and the yearly low-week close at 1.7344. Broader bearish invalidation stands at 1.7950- a breach above this region would be needed to suggest a more significant low is in place.

New to Forex Trading? Get started with this Free Beginners Guide

GBP/AUD Daily Price Chart

GBP/AUD Daily Price Chart

Notes: A closer look at GBP/AUD price action highlights today’s test of support at the sliding parallel extending off the September lows with the 61.8% retracement of the June advance just lower at 1.7617- A break / close below this threshold is needed to keep the immediate short bias in play targeting the lower parallel around 1.7470. Look for initial resistance back at the 200-day moving average / weekly open at 1.7717/20 backed by the monthly open / April trendline resistance at ~1.7810.

Why does the average trader lose? Avoid these Mistakes in your trading

Bottom line: GBP/AUD is testing long-term up-trend support. Price has been coiling up for months now and while there’s no immediate play here, we’re looking for a breakout of the 1.7617-1.7810 for further guidance on our medium-term directional bias. From a trading standpoint, the near-term threat remains for an exhaustion low while above 1.7617.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

---

Relevant GBP/AUD Economic Data Releases

GBP/AUD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.