Nixse
0

GBP/AUD forecast for December 22, 2020

Looking at the chart on the weekly time frame, we see that the GBP/AUD pair is sitting on the trend line, and for now, it is resisting and making support for the pound. Technically, the Fibonacci level’s support is 61.8%, and the resistance level is 50.0%. The top is the pressure of all three moving averages MA50, MA100, and MA200, which is almost broken down.
To continue the bearish scenario, we need a break below the trend line and Fibonacci levels, and then we can look at 1.70000 as the next psychological support. For bullish weekly, we need another 2.3 bullish candlesticks as a better confirmation of the trend line as support.GBP/AUD Weekly
On the daily time frame, the GBP/AUD pair moves in a descending channel, and technically it should continue to fall in the future. The couple’s support is in the zone 1.74500-1.75000. It is also below all three moving averages, and as a bullish option, we can only search within a falling channel as a short-term pullback to 1.79000-1.80000. If we see a break below 1.75000 and a declining consolidation, we can expect a further continuation to 1.70000 as the next psychological support.
GBP/AUD
On the four-hour time frame, there is also a strong downward trend and pressure on the pound to slide towards lower levels with a resistance of the MA100 and MA200, while the MA50 resists for now. We have a smaller trend line at the bottom that can be our support and a place to reject the bearish scenario. On this graph, as a signal for the continuation of the bearish scenario is a break and consolidation below 1.76000.
GBP/AUD
For the bullish option, as on the daily chart, we need a break above 1.8000. Today we had news for the foot next: The British economy was recovering at a faster pace than estimated in the third quarter, reflecting the effects of easing locking restrictions and also some recovery of activity from the sharp decline in April, the National Statistics Office announced on Tuesday. The gross domestic product grew by a record 16 percent sequentially, instead of 15.5 percent of the previously estimated increase. GDP fell by a revised 18.8 percent in the second quarter.
Although this reflects some recovery inactivity after a record decline in the second quarter, GDP was 8.6 percent lower than at the end of 2019. The three-month growth of services, production, and construction were the highest recorded in the third quarter. For AUD, we can single out: The total value of retail sales in Australia climbed seasonally adjusted 7.0 percent in November, the Australian Bureau of Statistics announced on Tuesday, which amounted to 31.623 billion US dollars. 6 percent after an increase of 1.4 percent in October.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)


You might also like

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending