22 Dec 2016

GBP/AUD TRADING AT RESISTANCE

GBP/AUD DAILY

The rate is currently trading beneath some important resistance levels - the 6-month falling trendline starting after the rate made a breakaway gap from the Brexit low, the former channel support as the new resistance and the monthly high at 1.7170.

I am bit more bearish here and will consider entering a short on a break below 1.7000 to target the current range lows at 1.6820 and the 100% box range breakout target at 1.6520, however, I will be open to taking a small long position in case of an upside break above 1.7170 in which case we should be looking for a move higher to test the major falling trendline resistance in the 1.7335-1.7450 area (the box range breakout targets for an upside break)





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