FX Forecast / GBP/AUD / W1 - Our Expectations
Looking at the big picture of GBP/AUD we will see clearly the accumulation of a number of bearish signals that suggest the pair's upcoming fall. Technically, the price is at a key level, which may be of key importance to the upcoming pair movements.
Why?
Over the past 7 months, the pair is in the corrective movement of the long-term bearish trend, reaching 200SMA, 38.2% Fibonacci retracement and a basic level of horizontal support.
Supporting the short idea is the Price Action Analysis - a bear pin pin, formed last week. There is also a gaffe in the downward direction at the start of the markets on Monday - two strongly negative signals for Short formed in only two consecutive bars.
The 8- periodic DeMarker points downwards from a surplus zone - a signal of a possible turnaround in the price trend. 50SMA and 200SMA are sword-mounted.
Looking at the fundamental facts, Britain is in a particularly poor situation. Brexit development is lacking, and time goes on - to the actual Brexit (March 29, 2019) remains less than a year.
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