GBP/AUD chart on Trading View used for analysis
- GBP/AUD is trading in a narrow range, at 1.8187 at 1050 GMT.
- Price action is on verge of breakout of 'Symmetric Triangle' pattern.
- Technical studies also support upside. Volatility is also rising.
- Break above Triangle top at 1.8185 will see gains till 78.6% Fib at 1.84.
- Immediate support is seen at 5-DMA at 1.8082. Break below 200-DMA negates bullish bias.
Support levels - 1.8147 (61.8% Fib), 1.8084 (5-DMA)
Resistance levels - 1.8284 (Jan 3rd high), 1.84 (78.6% Fib)
Recommendation: Stay long on decisive breakout above 1.8185, SL: 1.8085. TP: 1.8585/ 1.84
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.