GBP/AUD analysis for April 29, 2021
Looking at the GBP/AUD pair graph on the four-turn time frame, we see that we are in a falling channel and that we have almost reached the top line of the channel again, where we can expect resistance again. By setting the Fibonacci retracement level, we see that the pullback occurred on 61.8% Fibonacci level at 1.79600 and after that we have consolidation. The rear candlestick is very bearish, and it may be helpful for us, to continue in the bearish trend again, with the first target on the bottom support line at 1.78200. Looking at the MACD indicator, we see that this smaller bullish trend is weakening and leaning towards the bearish side.
On the daily time frame, we see that the GBP/AUD pair is still under pressure from moving averages, even in a growing channel. There is a chance that we will see a break below this lower support line if the pound continues to weaken. The break below leads us to the following targets and supports at 1.77400, 1.75840, and maximum low at 1.74140. For the bullish scenario, we need a jump above 1.8000 with the support of moving averages to consider the continuation of the bullish trend. Looking at the MACD indicator, we see that we are moving into the bearish zone descending into the red zone of the indicator.
We can notice that all moving averages have accumulated in the 1.7800-1.82000 zone on the weekly time frame. The GBP/AUD pair is moving sideways, and based on this current situation; we can expect that in the coming period. At this time, the firm for the bullish trend needs a break above 1.82000, while for the bearish trend, we need a drop below 1.78000 to continue down. Looking at the MACD indicator, we see a weakening of this bullish consolidation and a slight orientation towards the red, bearish zone.
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