GBPAUD Heads Further South

The 2.0000 price level remains solid above price action in the GBPAUD market. This seems mostly triggered by bolstering economic activities in Australia. This technical setup has solidified the 2.0000 threshold level, causing headwinds to gain prominence. Let’s try to decipher what can be anticipated from this market.

Key Price Levels:

Resistance Levels: 2.0000, 2.0200, 2.0400

Support Levels: 1.9500, 1.9000, 1.8500

GBPAUD Goes Downwind

After price action failed to overcome the resistance at the 2.0000 price level in the GBPAUD daily market, price action has been consistently bearish. The latest session is now below both the 20- and 50-day Moving Average (MA) lines. Also, the appearance of the last price candle on the chart suggests that market forces are in a tussle.

At the same time, the Stochastic Relative Strength Index (RSI) lines can be seen falling a bit too fast towards the oversold region. Technically, this supports the opinion of price action heading further south. However, going by the drawn upside-sloping trendline, one can see that the general market trajectory hasn’t been breached.

GBPAUD Bearish Potentials Stay Viable

In the GBPAUD 4-hour market, price action has fallen below all the MA lines. Also, price candles here have been retracing to lower levels since the previous session. Additionally, all the MA lines on this chart are crossing each other above price action.

This increases the chance of this market slipping lower. At the same time, the Stochastic RSI lines have converged for a crossover just below the 40 level of the indicator on its way up. Technically, this hints that bearish momentum is gaining traction and may push the market further south. So, traders aim for short-term gains towards the 1.9600 price level.

Do you want to take your trading to the next level? Join the best platform for that here.