FxWirePro: GBP/AUD bulls still wedged in range despite sharp rallies, consolidation phase in major trend creeps up through rising channel
Source: FxWire Pro - Technicals / 20 Feb 2018 06:03:54 Eastern Standard Time
GBPAUD on intraday plotting is forming spinning top candlestick at 1.7743 levels despite previous session’s stern bullish engulfing candle, currently, strength in the ongoing buying sentiments is not confirmed by the leading oscillator (RSI).
Historically, at 59 levels the pair has lost the bullish strength and the stiff resistance is observed at 1.7780 levels. The failure swings have been observed a couple of times in the recent times.
On a broader perspective, the consolidation phase in the intermediate trend seems to be exhausted at rising channel resistance, shooting star pattern candle has occurred at 1.7687 levels.
Ever since then the bulls seem to have been totally exhausted at stiff resistance areas of 1.7905-7985 and the major trend is stuck in the range between these levels.
For now, more slumps on cards as shooting star signals weakness and bears hovering near 7WMA, while both leading oscillators have been indecisive but slightly in bears’ favor.
Trade tips: Amid ongoing range bounded trend in near terms, on trading grounds at spot reference: 1.7744, one can speculate this pair buying boundary binary options with upper strikes at 1.7780 (35-40 pips upside) and lower strikes at 1.7698 levels (40-45 pips downside).
Currency Strength Index: FxWirePro's hourly GBP spot index has turned into 145 (which is highly bullish), while hourly AUD spot index was at shy above -87 (bearish) while articulating (at 10:46 GMT). For more details on the index, please refer below weblink:
FxWirePro launches Absolute Return Managed Program. For more details, visit:© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.