LOOKING FOR POLARITY CHANGE TO SHORT THE GBP/AUD

3 thg 2, 2017

GBPAUD

The rate has broken down from a short term symmetrical triangle formation.

I am now looking for a pullback towards the former support in the 1.6400-1.6430 area which should now become resistance and will enter a new short position if we see strong rejection there.

The immediate target should be the 3-month-long rising trendline support around 1.6200.

A break back above the former triangle floor would invalidate my immediate bearish bias on the pair.