Daily Forex Update: GBP/AUD
AutoChartist | Dec 17, 2018 06:13AM ET
GBP/AUD continues to rise inside the hourly Up Channel chart pattern. Autochartist rates the quality of this Up Channel at the 6-bar level – which reflects the medium Initial Trend (6 bars), lower Uniformity (4 bars) and strong Clarity (9 bars). GBP/AUD is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the powerful support area shown below.
As can be seen from the daily GBP/AUD, the pair earlier reversed up from the strong support area lying between the support levels 1.7415 and 1.7320. They have been reversing the price from June and are strengthened by the lower daily Bollinger Bands®. The upward reversal from this support area created the daily Japanese candlestick reversal pattern Bullish Engulfing. The proximity of this support area increases the probability GBP/AUD will continue to rise inside this Up Channel.
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