GBP/AUD 1H Chart: Channel Up
Comment: GBP/AUD is currently trading in a narrow but nonetheless well-defined channel. At the same time, hourly and four-hour indicators are pointing upwards, and the Jan 25 high was unable to stop the Pound from appreciating further, just like the 200-hour SMA that we left behind on Feb 2. We therefore see the Sterling having more upside potential. However, the recovery is expected to be stopped by a major resistance area between 2.0750 and 2.0800, where we have the weekly R2 level and the falling trend-line that is a part of a bearish channel best seen in the daily chart. Below 2.0490 the first target is going to be the weekly R1 at 2.0434, followed by the 200-hour SMA at 2.0330.
USD/PLN 1H Chart: Channel Down
Comment: USD/PLN has recently broken out of the bullish channel, and the outlook is therefore strongly bearish, especially since the pair is forming a descending channel. Right now the price is fluctuating near the upper boundary of the pattern, meaning there is likely to be a decline in the near term as well. The current objective is the weekly S2 and the lower trend-line at 4.00 zloty. Once there, the Dollar will be expected to start an upward correction. Alternatively, if the price closes above 4.05, the rally will have a good chance of extending up to 4.10/4.09 (weekly PP and 200-hour SMA). In the meantime, in the daily timeframe USD/PLN appears to be moving towards the major up-trend at 3.83.
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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