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Weekly forecast British Pound / Australian Dollar technical chart
Symbol GBPAUD

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateJuly 4, 2020 - 22:05
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • While the price is below the resistance 1.90100, continuation of downtrend is expected.
  • We make sure when the support at 1.75600 breaks.
  • If the resistance at 1.90100 is broken, the short-term forecast -continuation of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.80545 on 2020-06-03 and the trough at 1.7867 on 2020-06-30, the probability of downtrend continuation is decreased and the probability of beginning the correction wave is increased.
  • The RSI downtrend #1 is broken, so the probability of continuation of downtrend is decreased.
  • While the RSI resistance #2 at 50 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 1.7870 on 06/30/2020, so more gains to resistance(s) 1.8060, 1.8420, 1.8775 and maximum to Major Resistance (1.9010) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 35.

Supports and Resistances:

  1. 1.8420
  2. 1.8060
  3. 1.7870
  4. 1.7560
  5. 1.7285
  6. 1.6860
  7. 1.6550
Click on the level to view price action history.