GBP/AUD analysis for April 13, 2021
Looking at the graph on the four-hour time frame, we see movement in one ascending channel. We can use Fibonacci retracement levels as an additional tool to help determine the trend. If we look again at the GBP/AUD pair chart, we see that the pullback in this channel is declining at certain Fibonacci levels in zone 61.8-78.6%, following the bottom line of the trend as support. We see that MA200 and EMA200 are very important from moving averages and provide good support to this bullish trend. For the bearish option, we need a break below the MA200 and EMA200, as well as a drop below the bottom support line.
On the daily time frame, we see a larger growing channel, and we can expect a potential continuation of the bullish trend. The GBP/AUD pair on this time frame has good support for all moving averages, with current EMA200 testing. From the moving averages, we will single out the MA50, which provides excellent steam support along the channel’s bottom line.
Now we need to wait for the break above EMA200 to look at the target at 1.82000. The MACD indicator makes a turn to the bullish side because the blue MACD line after a fall now moves sideways with the potential to go up again and cross the signal line. We see the last two red histograms fading and warning of the beginning of a new bullish trend.
On the weekly time frame, we see the GBP/AUD pair testing the Fibonacci 23.6% level. For now, the GBP/AUD pair has MA20 and EMA20 support while testing other moving averages. After the support at 1.74150, we see that it is moving in a bullish trend, and for now, we are in it. We need a break above 23.6% Fibonacci level for further continuation, where we open targets at 38.2% Fibonacci level at 1.87000. For the bearish trend, a logical opposite rejection of 23.6% Fibonacci level. The MACD indicator gives us a bullish signal and steam support for further continuation.
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