FxWirePro: GBP/AUD to test support at 1.9309, Is it a bounce above 38.2% retracements or tumble to 50%?

Well, no trace of bulls in this bearish trend yet, we've been stating more bearish swings ever since the formation of "gravestone doji and hanging man" patterns, now you would have seen a steep slump from the peaks of 2.2108 levels to the current 1.9315, Rest everything is the history by now.

No worries, technical charts of all time frames for this pair appear to be extremely weak.

These bearish swings are making an attempt to test support at 1.9309 levels which is 38.2% retracements from the peaks of 2.2372.

Despite leading oscillators reaching oversold zones, we see no strength in this pair, instead they signal more momentum in the selling pressures of this pair.

RSI on monthly is currently trending near 49.1636, while %D crossover on slow stochastic still maintains around 30 levels that signify bearish momentum is continuing in long run.

As a result, bears have landed into 38.2%, a decisive break below 1.9309 would bring in more bearish environment in the near future.

A sharp rise in volumes with steep fall in price would mean strong bear trend: Please have a look on volumes histograms on every price decline, this is also in conformity to the strong bearish trend.

To substantiate this stance, lagging indicators are also in convergence with price declines; you can figure this out from monthly chart, MACD has given bearish trend continuation signal. And on weekly charts, The current prices have slid below moving average curves, 21MA has just crossed over 7MA which is a sell signal.

Overall, any upswings in abrupt are not panicky as the pair has fallen from the formation of 1st doji at 2.2370 up to 1.9309 levels, a break below would take it to 50% retracements for sure.