GBP/AUD: 4-hour
Bounce or break? GBP/AUD has sold off pretty quickly in the past few days, as price is about to test the bottom of the rising channel on its 4-hour forex time frame. It appears that support at the 1.8000 major psychological level is holding like a boss and, with stochastic moving out of the oversold area, a bounce back to the mid-channel area of interest at 1.8200 might be in the cards. A stronger rally could even last until the top of the channel near the 1.8400 handle. Just make sure you set your stop below the channel support if you’re going long.
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