GBP/AUD: Rounding bottom pattern is forming.

June 22 , 2018

 

By looking at the daily technical chart pair is heading towards north side and generating bullish signal as we can see that a rounding bottom pattern is forming and pair is trading above all the major and minor EMA lines.

 

By applying fibonacci retracement line we can see that it has retraced 50% level already.The recent candle is bullish harami pattern which indicates that pair will move up but to reach at 1.8461 level it need more bullish momentum. The situation is favourable for bulls from other indicators and oscillators point of view.

 

 

Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.7550 level remains intact. The way bulls are reacting it seems like they are approaching the 1.8461 level atleast, however some profit booking can’t be ignored  but that should be taken as buying opportunity for those who has missed earlier.

 

 

The central bank offered a confident stance on wage growth, and despite some tepid macroeconomic figures seen these last couple of month, policymakers believe the economy is rebounding after the weak first quarter. Additionally, the MPC reviewed its guidance on the level of Bank Rate at which the MPC will consider unwinding its asset purchase programme, now set at 1.5%, compared to the previous guidance of around 2%.

 

 

A bullish crossover on MACD indicator is supporting the bulls  and RSI is also favoring the bulls from positive territory. The 1.7550 is immediate support level followed by 1.7500 level whereas 1.8461 level is immediate resistance level followed by 1.8500.

 

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