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There Aussie dollar traded lower during the Asian session against a few major currencies, including the US dollar, Euro and the British pound. The GBPAUD pair traded towards the 1.8380 level where it found sellers as there was an important resistance area around the mentioned level. There is a critical economic release lined up in the UK during the London session i.e. the UK’s Gross Domestic Product will be released by the National Statistics. This particular event might create a lot of volatility in the GBPAUD pair. We need to see how the pair reacts in the upcoming session, as the bias remains bullish in the short term.
There was a crucial bearish trend line formed on the hourly chart of the GBPAUD pair, which acted as a hurdle for the GBPAUD pair during the Asian session. The highlighted trend line is preceding from the last swing high of 1.8590, which increases its importance. However, there are a couple of bullish signs which can be noted from the charts. The most significant one is that the pair has managed to close above the 100 and 200 moving averages. So, if the pair drops a bit lower from the current levels, then there are high chances that it might find buyers around the 200 hourly moving average.
If the GBPAUD pair gain bids around the 1.8300 level, then it might trade higher and could even break the bearish trend line. On the upside, the next level of interest would be around the 1.8450 level.
Overall, one might consider buying dips as long as the pair stays above the 200 MA.
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Posted By IKOFX Technical Team: Online Forex Broker
Website: http://ikofx.com
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