GBP/AUD Long-Term Trend: Bullish
Key Resistance Levels: 1.8135, 1.8247, 1.8404
Key Support Levels: 1.8009, 1.7854, 1.7825
The price on the higher time frame was in a clear uptrend where it is bouncing inside a bullish channel formation. Recently, the price posted a correction count to the daily support around the 1.8009 USD mark.
GBP/AUD Medium-Term Trend: Bullish
On the 4-hr time frame, the price is trading inside a bullish flag pattern which is reflects that the price is forming a correction count. We expect that the price will tumble toward the area of confluence which is made of the daily support, the lower end of the channel, and a 61.80% Fibonacci retracement level. This could lead to a move upward in the same direction of the main trend.
Buy Limit Order @ 1.8024
TP 1 @ 1.8116
TP 2 @ 1.8247
Stop Loss @ 1.7978
Trade Safely 🙂