Out of the 40 instruments in the forex asset class, gbp/aud ended up ranking 8th for the day in terms of day-over-day price change.
Related to the moving average crossover is that gbp/aud may have broken its trend on the 30 day basis, as the trend’s momentum appears to be slowing down.
Trade: entry potential at convulsion of the d1 resistance area (green dash line), keltner median channel line and the 50% fib level with sl at a few pips above last week high….
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
This imputes a buy/sell ratio of 1.07, which is neutral.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
Now we are waiting for breakout of the corrective structure as a confirmation to enter the short position….