GBP/AUD Next Month Outlook - possible bullish breakout
Analytics & Forecasts

GBP/AUD Next Month Outlook - possible bullish breakout

24 September 2015, 06:11
Sergey Golubev
Sergey Golubev
0
841

W1 price is above 200 period SMA (200-SMA) and 100 period SMA (100-SMA) for the primary bullish market condition with the secondary ranging within 23.6% Fibo support level at 2.1172 and Fibo resistance level at 2.2383:

  • ascending triangle pattern was formed by the price to be crossed from below to above for the bullish trend to be continuing;
  • RSI indicator is estimating the possible bullish breakout in the future.

If the price will break 23.6% Fibo support level at 2.1172 on close weekly bar so the secondary correction will be started within the primary bearish market condition.
If the price will break Fibo resistance level at 2.2383 from below to above so the primary bullish trend will be continuing.
If not so the price will be ranging between the levels.

Trend:

W1 - ranging bullish
#price action, Fibonacci, GBPAUD