Dukascopy Bank Team
Dukascopy Bank SA
GBP/AUD 1H Chart: Triangle
Comment: From the most recent developments in GBP/AUD it follows that the currency pair is inclined to keep advancing north. The emerging triangle is expected to be broken to the upside, and in this case the target will be a supply area between 2.0930 and 2.0960, where the weekly R1 is joined by the Nov 27 high. However, we should note that there are several counter-arguments. First, the daily technical indicators are bearish; and secondly, the Sterling is overbought in the SWFX market, as 61% of open positions are currently long. If the up-trend at 2.0765 is breached, there will likely be a decline to 2.0717/00, but it could also extend down to 2.0638/27, where the daily S2 merges with the monthly PP.
GBP/CAD 1H Chart: Channel Up
Comment: The near-term outlook on GBP/CAD is strongly bullish. Not only does the majority of technical indicators point upwards, but the price is also right at the lower boundary of the ascending channel. Additionally, the Sterling is oversold against the Canadian Dollar: only 28% of open positions in the SWFX market are long. We expect the Pound to rebound from the weekly R1 and up-trend at 2.0370 and rally towards 2.05, where it should commence a bearish correction. Alternatively, a dip beneath 2.0370 will change the outlook to negative and expose Dec 8 low at 2.03, while the next major support will be only at 2.0165, represented by the 200-hour simple moving average.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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