In mid-August,
GBPAUD
tested a significant 2.0 figure and a correction of more than 1,000 pips followed shortly.
Subsequently, the pair has been trading within a range, with a horizontal support just below 1.9 and a resistance level above 1.93.
On Monday, the pair retested the 1.9 figure and promptly reversed to the upside, currently trading at 1.9220.
The upward trend for the pair has persisted for over a year and, considering the pair's inability to decisively break below 1.9, I speculate that an upward movement may ensue.
Confirmation of this speculation would come with a daily close above the 1.93 zone.
Regarding potential targets, horizontal interim resistances lie at 1.95 and 1.9750.
Furthermore, if the pair successfully breaches the 1.93 level, it would not be surprising to witness a new test of 2.0.
GBPAUD
tested a significant 2.0 figure and a correction of more than 1,000 pips followed shortly. Subsequently, the pair has been trading within a range, with a horizontal support just below 1.9 and a resistance level above 1.93.
On Monday, the pair retested the 1.9 figure and promptly reversed to the upside, currently trading at 1.9220.
The upward trend for the pair has persisted for over a year and, considering the pair's inability to decisively break below 1.9, I speculate that an upward movement may ensue.
Confirmation of this speculation would come with a daily close above the 1.93 zone.
Regarding potential targets, horizontal interim resistances lie at 1.95 and 1.9750.
Furthermore, if the pair successfully breaches the 1.93 level, it would not be surprising to witness a new test of 2.0.
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