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GBPAUD Remains Bullish Above 1.9309

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Hope everyone was able to get in on the AUDJPY short that was released as part of yesterday’s commentary. The pair finished the day 125 pips below the 93.0 level with more downside potential in store.

Today we’re going to start with GBPAUD. The pair has gained more than 1,000 pips over the past seven trading days.

Although that may seem extensive, it does appear that the market still has some room to move to the upside. With the pair now sitting above the key 1.9309 level and channel resistance 380 pips away, there’s plenty of room for a potential long opportunity.

I will note, however, that there is some event risk over the weekend which could impact the Australian dollar, so do keep that in mind if you decide to trade this before the weekend.

Summary: Wait for a pullback to 1.9309 and then watch for bullish price action on either the 4 hour or daily time frame. Key resistance comes in at 1.9685.

GBPAUD daily forex chart

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AUDJPY key levels-blur

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