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Weekly forecast British Pound / Australian Dollar technical chart
Symbol GBPAUD

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.8882 to 1.8960). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.8882)
  • Ending of entry zone (1.8960)

DateOctober 10, 2021 - 13:48
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 1.91350, resumption of downtrend is expected.
  • We make sure when the support at 1.85290 breaks.
  • If the resistance at 1.91350 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.896444 on 2021-07-30 and the peak at 1.91532 on 2021-08-20, the probability of uptrend continuation is decreased and the probability of resumption of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of resumption of downtrend is increased.
  • A peak is formed in daily chart at 1.8955 on 09/20/2021, so more losses minimum to Major Support (1.8529) 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 39.

Take Profits:

  1. 1.8765
  2. 1.8529
  3. 1.8421
  4. 1.8253
  5. 1.8042
  6. 1.7775
  7. 1.7606
  8. 1.7415
  9. 1.7285
  10. 1.6860
  11. 1.6550
Click on the level to view price action history.