GBP/AUD fell below the 1.8120 barrier and reached the next one at 1.8015. A clear violation of that support level may challenge the next one at 1.7875. Nonetheless since the RSI is supported by its 30 bar, further consolidation or an upward corrective wave before the bears prevail again cannot be ruled out. As long as the pair is printing lower highs and lower lows within the downward sloping channel, I consider the short-term outlook to be negative. On the daily chart, a head and shoulders top formation seems to have been completed, favoring the continuation of the downtrend. A first price objective may be near the 1.7000 area, in my view.
Posted on: Tue, 25 Mar 2014 14:46:48 +0000
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