The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
GBP/AUD reversed from resistance zone
- GBP/AUD reversed from resistance zone
- Next sell target - 1.7400
GBP/AUD continues to fall after the earlier downward reversal from the resistance zone lying between the strong resistance level 1.7900 (which has been reversing the price from November) and the upper daily Bollinger Band. The downward reversal from the resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. GBP/AUD is expected to fall toward the next sell target at the next support level 1.7400 (low of the previous wave (b)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.