GBP/AUD bears have received a discount in the week’s opening bid. Daily charts offer a compelling downside case for the downside. GBP/AUD has started out the week on the bid following a weekend of Brexit updates, but from a technical standpoint, it may have run right into the bear’s lair. The following is a top-down analysis that illustrates where the next swing trading opportunity might come from. Monthly chart The price was rejected at a key trendline resistance on a restest. A monthly head and shoulders offer an opportunity to the downside on the lower time frames. Weekly chart The weekly chart shows the price is testing a key double bottom area. Daily chart The daily chart’s wick on the prior candle could well be filled in on the lower time frames in a downside extension. 4-hour chart The price has rallied on the open to test the 38.2% Fibonacci retracement level with some room until the 21-moving average and a 50% mean reversion that meets higher volume nodes. Resistance here could lead to an opportunity to the downside. 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 Gold Price Analysis: XAU/USD drops nearly by $20 from session highs FX Street 2 years GBP/AUD bears have received a discount in the week's opening bid. Daily charts offer a compelling downside case for the downside. GBP/AUD has started out the week on the bid following a weekend of Brexit updates, but from a technical standpoint, it may have run right into the bear's lair. The following is a top-down analysis that illustrates where the next swing trading opportunity might come from. Monthly chart The price was rejected at a key trendline resistance on a restest. A monthly head and shoulders offer an opportunity to the downside on the lower time frames. Weekly chart The weekly… 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.
