You are here: Home > articles > Forex > Technical Analysis – GBPAUD ticks higher but still holds below descending trend line
Technical Analysis – GBPAUD ticks higher but still holds below descending trend line
August 20, 2018 2:26 pmVideo
Latest News
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
GBPAUD is paring some of the losses from previous days but remains in a descending movement that has been holding since April 26. The pair exited from the trading range between 1.8180 and 1.8475 around mid-May and retreated sharply, posting a seven-month low of 1.7280 on August 9.
The technical indicators, though, are sending neutral to positive signals, suggesting that a bullish retracement is possible in the near term. The RSI indicator is positively-sloped in negative territory, while the MACD oscillator jumped above its trigger line though it still remains below the zero line.
Should the price continue to extend gains in the next few days, traders could look for resistance at the 1.7655 barrier, taken from the high on August 14. In the case of an upward penetration, the pair could overcome the downtrend line and reach the 50- and then the 200-day SMA near 1.7715 and 1.7754 respectively. More gains could push the price towards the 1.7820 hurdle, identified by the August 2 peak.
On the downside, a decline could find support at the 1.7280 level, while if the bearish moves appear stronger, the price could hit the 1.7100 strong psychological level.
To sum up, GBPAUD stands below the 50- and 200-day SMAs signaling downside pressure, however, a climb above them could shift the medium-term bias from bearish to bullish.
Related Posts: