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GBP/AUD: Breakdown risks are on the rise
What happened on Friday was a significant statement though. We broke above the trend line, the 2.10 level, and of course the top of the shooting star from the Wednesday session. In other words, the buyers got extraordinarily aggressive
The GBP/AUD pair rose during the course of the day on Monday, but found the 200 day exponential moving average to be far too resistive.
The GBP/AUD pair had a pretty volatile session during the day on Thursday, testing the 2.05 level for support.
The GBP/AUD pair initially tried to rally during the day on Tuesday, but gained very little before turning back around and falling significantly.
The GBP/AUD fell during the course of the session on Monday, but found enough strength to turn things back around and form a hammer.
The GBP/AUD pair had a very volatile October, essentially ending where we started though. With that being the case, the market looks as if it is ready to go higher given enough time and we do have a very strong trend line well below current trading.
The GBP/AUD pair rallied during the day on Wednesday, reaching towards the 2.15 handle.
The GBP/AUD pair initially fell during the course of the session on Wednesday, but found enough support near the 2.12 level to turn things back around and form a nice-looking hammer.
The GBP/AUD pair initially tried to rally during the course of the day on Tuesday, but found the 2.13 level to be a bit too resistive. Because of this, we ended up forming a relatively negative candle, one that looks a bit like a shooting star.
The GBP/AUD pair fell during the course of the session on Thursday, crashing into the 2.15 handle. That is an area that had been previously resistive, and it should now be supportive.
The GBP/AUD pair had a massive move higher on Monday, but it turned back around to form a bit of a shooting star.
The GBP/AUD pair initially fell during the course of the session on Friday, and then turned back around to form a rather supportive looking hammer.
The GBP/AUD pair initially fell during the course of the day on Monday, but found enough support below the 2.1250 level to turn things back around and close the very top of the range.
The GBP/AUD pair bounced during the session on Wednesday, using the 2.10 level as support. With this, it looks like the market is ready to continue going higher given enough time, and I believe that the pair will target the 2.1250 level yet again.
The GBP/AUD pair pulled back during the session on Monday, as we continue to look for buying pressure just above the 1.10 handle.
The GBP/AUD pair broke out during the course of the session on Monday, but as you can see pullback to form a shooting star.
The GBP/AUD pair tried to break out during the course of the session on Friday, breaking above the 2.07 level and testing the 2.08 level. Ultimately though, we ended up forming a bit of shooting star so therefore I feel that the market is going to pull back a little bit as perhaps we need to still build up a bit of momentum to continue going higher.
The GBP/AUD pair has been on fire lately, and the month of June of course was no different. With that being the case, I believe that this market should continue to go much higher, as we have broken the psychologically significant 2.0000 level.