Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/AUD broke support area
2019-11-11 • Updated
- GBP/AUD broke support area
- Next sell target - 1.6200
GBP/AUD has been falling in the last two trading sessions – following the earlier breakout of the support area lying at the intersection of the key support level 1.6600 (which stopped the previous minor impulse wave A, as can be seen below) and the 61.8% Fibonacci retracement of the previous sharp intermediate impulse wave (1) from the middle of March. GBP/AUD can then be expected to fall further toward the next sell target at the next support level 1.6200 (low of the previous correction 2 and the target price calculated for the termination of the active correction (2)).
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!