GBP/AUD Price Analysis: Bears in charge
|- GBP/AUD drops on the back of strong Aussie jobs data.
- Bulls seeking a correction of bearish impulse.
As per the prior analysis, GBP/AUD Price Analysis: Bulls on the stampede towards daily structure, the price had indeed moved to the daily structure.
Prior analysis
''...There are opportunities to the upside in a correction of the latest daily bearish leg.
Daily chart
The price is stalling on the daily time frame which gives rise to a Fibonacci retracement that meets prior lows between the 61.8% and the 50% mean-reversion targets.
30-min chart
The bulls can be engaged towards the daily target from within the bullish territory amplified with the parting of the 10 and 21 SMAs.
Live market, 30 min-chart
As can be seen, the price moved to target but has since been rejected by the daily supply zone.
Meanwhile, the price has melted on a strong jobs report from Australia but there are prospects of a correction to test old support/
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.