Daily Price Action

GBPAUD Looks to 1.9760 for Support


After a rocky start to the week, GBPAUD has found its footing. The pair is now up 280 pips on the week and looks to have solid support just below current levels.

I mentioned GBPAUD on Tuesday as the pair was in the process of carving out a second wedge pattern. In the commentary I noted that we should wait for a 4 hour close above resistance in combination with bullish price action on a retest of the level as new support.

Shortly after releasing the commentary the pair broke to the upside but unfortunately we never got that retest as the bullish momentum proved too strong.

With the pair now firmly above recent highs at 1.9760, we can watch for a rotation back to the level as new support. Key resistance and potential target can be found at the current 2015 high of 2.00.

Summary: Watch for bullish price action on a retest of 1.9760. Key resistance comes in at 2.00.

GBPAUD key support level on the daily time frame

EURAUD analysis

EURAUD 4 hour time frame

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