GBP/AUD 10.08.2016
H4 chart.
Downtrend and new low.
Break below horizontal support and current resistance, new low and test of the last horizontal resistance.
Price below diagonal resistance.
Price action: Pin bar at levels of resistance.
Technical indicators:
Price below SMA50 and SMA200 - negative signal
CCI(50) below 0 - negative signal
Sentiment: Pound is under pressure after worse than expected data yesterday about industrial and manufacturing production and after comments by Ian McCafferty for probable new stimulus and rate cuts.
SL 1.7060
Alternative scenario: If price go back above the horizontal resistance at levels 1.7040 this will negate the negative formation.
Jr. Trader Nikolay Georgiev
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