1 Dec 2015

MAKE IT OR BREAK IT TIME FOR GBP/AUD


GBP/AUD DAILY

The rate is currently testing the massive head and shoulders pattern neckline and the year-long rising trendline.

A daily close below the support at 2.0680 would work as a strong confirmation about the pattern's legitimacy and would open up a way to 61.8% and 100% breakout targets at 1.9780 and 1.9215.

A break above the smaller current range resistance at 2.0960 would invalidate my immediate bearish bias as it would indicate further trading within the falling wedge range and a possible move towards the range resistance around 2.1300.




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