GBP/AUD Price Analysis: Last show of bull's commitments at the 61.8% Fibo?
|- GBP/AUD has extended in an upside correction deep into resistance territory.
- A downside continuation from the W-formation's neckline could be on the cards.
Further to the prior analysis, GBP/AUD Price Analysis: Bears in control and seek break of 4-hour support structure, the bulls managed to escape the grip of the bears.
The price extended in the correction to a 61.8% Fibonacci retracement where resistance would now be expected to finally hold off the bulls.
The following is a top-down analysis that offers a case for both the bulls and the bears, with a bias leaning towards the bears.
Monthly chart
Weekly chart
Alternatively...
The market could continue to melt in a bearish extension following the recent retracement.
Daily chart
Downside continuation...
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.