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!

MT4
MT5 Terminal

GBPAUD Range Setup (Mar 14, 2018)

GBPAUD is moving sideways recently, finding support at the 1.7600 major psychological level and resistance at 1.7900. 

Price is halfway through its bounce to the top of the range, hitting some short-term resistance at the current area of interest.
Stochastic is already indicating overbought conditions, which means that buyers are feeling exhausted. If sellers take over, another move to the range support could be underway.
However, the 100 SMA is still above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse, but the gap is narrowing to signal slowing buying pressure.
Economic data from Australia has been mostly weaker than expected in the previous week but data from its top trade partner, China, has been upbeat. This could mean stronger appetite for raw material commodities down the line, which could prop up the Australian economy.

510 2018 03 13_EURAUD

There are no major reports from both Australia and the UK today and for the rest of the week, which suggests that the range would likely hold. Keep in mind, however, that the pound could still be very sensitive to Brexit-related updates while the Aussie could be pushed around by overall market sentiment. 

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/id
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

Gabung dengan Kami Hanya 1 Menit!

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