GBP/AUD Long-Term Trend: Bearish
Key Resistance Levels: 1.6976, 1.7051, 1.7134
Key Support Levels: 1.6851, 1.6785, 1.6702
The price on the higher time frame has been in a downtrend for quite some time and recently it broke a consolidation zone between 1.7814 and 1.7271. It has also broken a minor level of 1.7030 after forming a few rejection wicks which shows a bearish bias.
GBP/AUD Medium-Term Trend: Bearish
On the lower time frame, the pair is moving in the major trend’s direction. The price has recently broken the lower range of a consolidation zone at 1.7051 and sustained below that. It has also now broken and retested a minor level of 1.6976 before continuing the momentum.
Sell Limit Order @ 1.6928
TP 1 @ 1.6862
TP 2 @ 1.6796
Stop Loss @ 1.6994
Trade Safely 🙂