GBP/AUD reversed from support area

GBP/AUD reversed from support area

  • GBP/AUD reversed from support area
  • Next buy target - 1.7000

GBP/AUD recently reversed up sharply from the support area lying between the pivotal support level 1.6750 (former resistance level from August), lower daily Bollinger Band and the 50% Fibonacci correction of the previous intermediate ABC correction (2) from August. The upward reversal from this support area stopped the earlier minor impulse wave 3. GBP/AUD is expected to rise to the next buy target at the next resistance level 1.7000 (top of the previous minor correction 2).


USD/CAD: bullish above 1.24

USD/CAD is finding dynamic resistance in the 200 SMA at H1 chart and it’s currently trading inside a decisive stage…


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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