AUDGBP TECHNICAL ANALYSIS
Since making a high at 0.5436 , AUDGBP has bounced off a support level at 0.5209 and consolidated within a range. Since rallying from that low, we have seen an ascending trend evolve. However, yesterday we saw a bearish Engulfing pattern, which might suggest a reversal and a possible test lower.
The 21-day simple moving average (SMA) has been pivotal in this sideways environment and the cross is again approaching this threshold, currently at 0.5289 . Just below the 21-day SMA is a pivot point at 1.8759.
Potential support for AUDGBP may lie at the pivot point level of 0.5317 , which was established from the high of last week . Additional support could be at a previous low of 0.5209 , which also closely coincides with a bigger picture trend line support.
On the topside, potential resistance levels could be at the reverse pivot point of 0.5345 , which is just above yesterdays high of 0.5317 , and the high seen last month of 0.5328.
Since making a high at 0.5436 , AUDGBP has bounced off a support level at 0.5209 and consolidated within a range. Since rallying from that low, we have seen an ascending trend evolve. However, yesterday we saw a bearish Engulfing pattern, which might suggest a reversal and a possible test lower.
The 21-day simple moving average (SMA) has been pivotal in this sideways environment and the cross is again approaching this threshold, currently at 0.5289 . Just below the 21-day SMA is a pivot point at 1.8759.
Potential support for AUDGBP may lie at the pivot point level of 0.5317 , which was established from the high of last week . Additional support could be at a previous low of 0.5209 , which also closely coincides with a bigger picture trend line support.
On the topside, potential resistance levels could be at the reverse pivot point of 0.5345 , which is just above yesterdays high of 0.5317 , and the high seen last month of 0.5328.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.