GBPAUD. At strong support. Break of 1.80 eventually sees 1.73?

12 mai 2014

GBPAUD: 1.8000. Gbp/Aud made it up to 1.8242 last week, but remained well below the 100 DMA at 1.8320 and the SHS neckline at 1.8380 before reversing sharply to keep the SHS formation intact, where the long term target is at around 1.7300. Below the strong rising trend support right here at 1.8000, the interim targets now appear to be at 1.7931 (23 April low) and then there is little until 1.7775 (200 DMA.). On the topside, there is minor resistance now at 1.8040 and 1.8080 which lies ahead of the 100/200 HMA at around 1.8130/50. I don’t think we are going up here but the short term indicators need to unwind their O/S condition, and a squeeze towards 1.8100, if seen, would be viewed as a sell opportunity.