GBP/AUD Amazing Opportunity
Looking at the Daily chart, GBP/AUD rejected the upper trendline by creating an ascending channel. From a technical perspective, I expect the price to drop towards the 38.2% Fibonacci level (1.80336) as our first target. Breaking this level will push GBP/AUD towards 1.76554 (78.6% Fibonacci level) and 1.74215 (bottom of the rising channel) as our second and third targets.
Also, If we want to look at it from another perspective using correlations: since AUD and Gold are the most volatile when DXY drops, and if you've been following my analyses, you know that I am still bearish on the Dollar and bullish on all other major currencies and precious metals that's why I expect this time to see AUD the strongest among all other currencies, thus creating a very great opportunity to sell other AUD denominated pairs such as EUR/AUD.
Also, If we want to look at it from another perspective using correlations: since AUD and Gold are the most volatile when DXY drops, and if you've been following my analyses, you know that I am still bearish on the Dollar and bullish on all other major currencies and precious metals that's why I expect this time to see AUD the strongest among all other currencies, thus creating a very great opportunity to sell other AUD denominated pairs such as EUR/AUD.
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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.
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.