GBP/AUD has been in a strong downtrend on the longer-term charts but has found a base at critical support structure. The price can be expected to hold and turn higher. Price action is bullish and a bullish case is on the cards judging by the currency price action. Both GBP and the Aussie have picked up a bid in the wake of a fresh cycle low in the US dollar. From a technical standpoint, there is a bullish case building for the cross and the following top-down analysis unveils a swing trading forecast and probable forward-looking price action to take advantage of from a daily perspective. Monthly chart The monthly chart shows a clear target at a 38.2% Fibonacci retracement of the bearish monthly impose which has confluence with prior structure. The weekly chart below confirms the upside bias when considering the stop hunt below structure and the bullish bar as subsequent of the market price action. Daily chart The daily chart shows that there is still some accumulation to be done prior to offering conviction for a favourable risk to reward swing trade. A bullish head and shoulders would be the result of a pullback to test the structure at this juncture. The first structure is marked at prior corrective highs which guards a run to the weekly Fib target. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australia’s Victoria State expected to report more than 700 coronavirus cases and up to 13 deaths – Herald Sun FX Street 3 years GBP/AUD has been in a strong downtrend on the longer-term charts but has found a base at critical support structure. The price can be expected to hold and turn higher. Price action is bullish and a bullish case is on the cards judging by the currency price action. Both GBP and the Aussie have picked up a bid in the wake of a fresh cycle low in the US dollar. From a technical standpoint, there is a bullish case building for the cross and the following top-down analysis unveils a swing trading forecast and probable forward-looking price action to take… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.