Weekly Technical Analysis Report 11 August – GBPAUD played out nicely with further downside seen this week
Weekly Technical Analysis Report 11 August – GBPAUD played out nicely with further downside seen this week
1. Last week’s outlook on GBPAUD: Pullback presents an opportunity to sell
On the daily time frame, prices are holding below a key resistance level at 1.89670 where we could see further downside below this resistance zone. Looking at the H4 time frame, prices are facing bearish pressure from the descending trend line and a pullback to test the resistance area at 1.8880 in line with the 61.8% Fibonacci retracement presents an opportunity to enter a short.
GBPAUD Charts (Note: Coloured candles represent our projection)
Before:
After:
2. This week’s outlook on GBPAUD: Further downside seen this week
Looking at the H4 time frame, prices remain under pressure, holding below the descending trend line where we could see a further downside to test our support target at 1.87110, in line with the -27% fibonacci retracement. A pullback to test the resistance at 1.88450, in line with the 50% fibonacci retracement presents an opportunity to play the drop.
Outlook on GBPAUD: Further downside to be seen by Salzworth on TradingView.com
