Cabana Capitals Blog forex trading GBP/AUD: Bulls have made mind blowing counter attack.

GBP/AUD: Bulls have made mind blowing counter attack.

GBP/AUD:  Bulls have made mind blowing counter attack. post thumbnail image

General overview:  By looking at the daily along with hourly chart we can see that the pair hits the higher highs in the market and bulls have given us a mind-blowing counterattack. The GBP/AUD is trading above the breakout of the downtrend line which we have received recently. The pair makes the positive momentum in the chart and creates a positive move in the market. A bullish marabuzo above the downtrend line is providing us a bullish signal and we are expecting to move further upside also, the pair received a strong demand pressure from the 200 SMA line which is favoring the bulls. A short-term uptrend line is also favoring the bulls.

Technical overview: From the technical point of view we can say that bulls are dominating the bears and recently it has given us the formation of a bullish flag pattern which is posted on the hourly chart and favoring the bulls. The price holds above bullish moving averages, which are finally widening their range. The RSI turned down from the overbought territory which means that the correction is over and it’s time to buy it again. So, it’s better to sit on the buy-side in the market. The minor EMA lines will travel above the major SMA lines as they created the buy signals in the market. The support of the level is 1.7900 followed by 1.7500 and resistance is 1.8100 followed by 1.8150.

Trade idea: we can say investors can go for buy at level 1.8010 target will be 1.8100 and 1.8200 and stop loss is 1.7900.


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