GBP/AUD Signal - April 30, 2013

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By: DailyForex.com

The GBPAUD pair is currently testing the 38% Fibonacci retracement and fails to breakout. In terms of technical indicators, the RSI is also on a level of resistance that may indicate a potential entry point to a downtrend. Investors will therefore attempt a bearish trade on the pair with a stop placed above the last highs to target a return on the 1.4810 level.
Direction: Down
Entry: 1.4976
Stop-loss: 1.5110

GBPAUD Signal

Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.