GBP/AUD: Bulls are twisting back to north side.

June 14 , 2018

 

By looking at the daily chart we can see that pair is twisting back to north side as earlier it was falling down to south side but after arriving at 1.7386 level we have seen a piercing candlestick pattern which shown the bullish pressure and we witnessed a defensive attack from bull’s campaign. Well pair is still hovering between the range of 1.7670 level from past couple of trading sessions.

 

 

Well odds are in favor of bulls. Intraday bias remains bullish on the pair and we will get further bullish confirmation once pair trade and settles above 1.7750 level in short term, then only we may say that trend has been shifted from downward to upward. Australia’s monthly jobs report is back on the cards for Asian markets today and employment is expected to rise for a 19th consecutive month, extending the record.

 

 

 

 

A bullish crossover on MACD indicator is favoring the bulls and providing trend reversal signal for the time being and RSI is also providing bullish signal from positive territory. The 1.7850 level is immediate resistance level followed by 1.8000 whereas 1.7400 level is strong key support level followed by 1.7200 level.

 

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