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.

Ross J Burland FXStreet

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/

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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