Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

下载MT4
MT5 Terminal

GBPAUD Channel Retracement (May 12, 2017)

GBPAUD is moving inside an ascending channel connecting its highs and lows since mid-April.

Price just bounced off the resistance and could be due for a test of support at the 1.7400 major psychological level.

Using the Fib retracement tool on the latest swing low and high shows that this support area lines up with the 38.2% level while the 50% level coincides with the channel support. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, which means that the uptrend is more likely to resume than to reverse.

Stochastic is pulling up from the overbought zone to indicate that buyers are regaining control of price action. However, the gap between the moving averages is narrowing to suggest that bullish momentum is fading. A break below the lowest Fib around 1.7300 could be enough to indicate that a downtrend is about to take place.

The BOE statement turned out less hawkish than expected even as the central bank kept monetary policy unchanged. Policymakers warned that Brexit risks could weigh heavily on consumer spending and living conditions due to subdued wage growth and rising price levels.

GBPAUD

Economic data also turned out weaker than expected, with manufacturing production down 0.6% and industrial production down 0.5%. There were no reports released from Australia then, allowing the Aussie to take advantage of the pickup in commodities. However, these gains could be returned as China reported a steep fall in iron ore prices again.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/cn
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

加入我们仅需1分钟!

下载MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/cn