GBP/AUD is leaning down

GBP/AUD is leaning down

Trade idea

SELL 1.8700; TP 1.8640; SL 1.8720

On October 16, GBP/AUD met resistance in the 1.9090 area (resistance line from March highs). Since then, the pair has been consolidating with a bearish bias. On the D1, the price is far above the MAs. This makes the pound vulnerable for a decline to 1.8635 (100-period MA on the H4). The move down will be triggered in case of the decline below 1.8705 (38.2% Fibo retracement of the October advance). Bulls need to push the price above 1.8840 to get a chance to return to the 1.90 area.

GBPAUD.png

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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