GBP/AUD Price Analysis: Opening bid rallies into key resistance

GBP/AUD bears have received a discount in the week's opening bid.
Daily charts offer a compelling downside case for the downside.

Ross J Burland FXStreet

GBP/AUD has started out the week on the bid following a weekend of Brexit updates, but from a technical standpoint, it may have run right into the bear's lair.

The following is a top-down analysis that illustrates where the next swing trading opportunity might come from.

Monthly chart

The price was rejected at a key trendline resistance on a restest. A monthly head and shoulders offer an opportunity to the downside on the lower time frames.

Weekly chart

The weekly chart shows the price is testing a key double bottom area.

Daily chart

The daily chart's wick on the prior candle could well be filled in on the lower time frames in a downside extension.

4-hour chart

The price has rallied on the open to test the 38.2% Fibonacci retracement level with some room until the 21-moving average and a 50% mean reversion that meets higher volume nodes.

Resistance here could lead to an opportunity to the downside.

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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