GBP/AUD chart on Trading View used for analysis
- GBP/AUD extends break above 200-W SMA, hits new 3-month highs at 1.8414.
- The pair has shown a breakout of 'Symmetric Triangle' pattern raising scope for further upside.
- Technical studies support upside. Volatility is also rising. We see next bull target at 88.6% Fib at 1.8555.
- On the weekly charts the pair has shown break above 200-W SMA. We see little resistance till Upper BB at 1.8602.
- On the flipside, retrace into Symmetric Triangle could see some weakness. Break below 200-DMA negates bullish bias.
Support levels - 1.8156 (5-DMA), 1.7980 (20-DMA)
Resistance levels - 1.84, 1.8555 (88.6% Fib), 1.8602 (Upper BB)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
