With a handful of economic news on the way, the GBPAUD has regressed to a lower support level. Based on the behavior of price action, it appears that investors are anticipating key impetus from the RBA. The outcome of the meeting will determine whether the pair will move lower or rebound upward. Let’s examine the market further below.
Key Price Levels
Resistance Levels: 2.1500, 2.2000, 2.2500
Support Levels: 2.0000, 1.9500, 1.9000
GBPAUD Finds Solid Support
The GBPAUD market has experienced some significant price swings in recent times. This saw the market climb toward 2.1600. However, price activity soon reversed back below the 2.1500 level but currently appears to be pausing just above the 20-day Moving Average (MA) line.
Notably, this is still above all the other MA lines. Furthermore, the Stochastic Rate of Change (SROC) indicator remains above the 0.00 level, and its line stays green despite showing a slight downward trajectory. Nonetheless, upside momentum still has the potential to push prices higher.
GBPAUD Has a Short-term Bearish Path
Price activity in the GBPAUD market has been trending downward with moderate momentum. As a result, price action seems to be targeting lower price levels. The pair is currently trading below the 20-day and 50-day MA lines, while the last price candle stands just above the 100-day MA line.
In addition, the SROC indicator line has fallen below the 0.00 level, and the end of the indicator line is now red, indicating prevailing bearish market forces. Therefore, prices may soon retrace toward the 2.0500 price level.
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