Daily Price Action
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GBPAUD Breaks Key Support, Targets 1.7360

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Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.

Click here to get access to the same charts I use on this website.

The GBPAUD broke a significant support level on Wednesday. The 1.7590 handle has served as a pivot since November of last year. You can see from the chart below how this area has supported prices over the previous three sessions.

However, yesterday’s 1.7532 close means that any retest of the 1.7590 area will likely encounter an influx of selling pressure.

A short bias is also congruent with the recent trend. Although the GBPAUD was in an uptrend between September 2017 and April of this year, things have changed now that the cross is carving lower lows.

My longer term target (two to four months) is the 1.6700 area. Not only is this a key horizontal area, but it’s also trend line support that extends from the 2016 low.

That said, you can rest assured there will be bounces along the way. Look no further than the 1,500 pip descent between May and August of last year. Some of those counter-trend moves totaled more than 400 pips.

Key support comes in at 1.7360 followed by 1.7100. Keep in mind that non-farm payroll is this Friday at 8:30 am EST. While it won’t impact a currency cross like the GBPAUD as much as a major pair, it’s still a good idea to prepare for some extra volatility around this time.

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GBPAUD break below key support

Leave a Comment:

16 comments
Thabang says

Thanks a lot Justin, I’m also looking at it right now. Salute Man

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Tijani sheidu says

Well done

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Vik says

Thank you Justin for your apt analysis.Please how do I make my horizontal lines drawn remain on my charts after closing the charts I.e when I opened it again?

Reply
    Justin Bennett says

    You’re welcome. Your broker hosts the platform, so you should contact them.

    Reply
Bond says

had my eye on gbp pairs and took gbpnzd last week and now already on this pull back too. great job Justin. ived really learned alot from the swing cheat sheet

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Nongloi says

Thanks Justin for all your help and support 👍

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Meer Manwar Hossain says

Thank you Justin for your analysis.

Reply
    Justin Bennett says

    My pleasure.

    Reply
Phemmy says

Justin, thanks. You have more students than you imagine. Is it possible to make it simple for beginners like me by simply telling us either BUY or SELL and the entry point with stop loss; while we keep learning and growing with you. Thqnks in advance.

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derrick says

thanks alot sir

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Moemur Rehman says

Great sir i like your way of trading

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George M says

Hello Justine,GBPAUD going back up?

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manoj says

plz chart and entry point and sell or buy .send me

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Sami says

Even after a good retest of the level 1.7590, GBPAUD went back up and closed there. How do you see that?

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