GBP/AUD inside a strong sell zone

GBP/AUD inside a strong sell zone

GBP/AUD managed to reach the 200 SMA at H4 chart, but it was sold-off in a supply zone established by our Fibonacci projections. According to the theory, the pair pulled back from the range between the 1.7051 and 1.7155 levels across the board, which coincides with the 50% - 61.8% Fibonacci areas and the 200 SMA. If the bearish path continues to strengthen, then we may expect the next mid-term target to be tested around 1.6403 (-23.6%).

RSI indicator is at the negative territory, favoring the downside scenario.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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