The GBP/AUD has been undergoing a correction in a low volatility environment since Friday. Bears are safe only while the price is below 1.8215.
Currently we see an undergoing correction in the pair. Low volatility has caused the price to stall that is not a usual thing with fast moving pairs such as the GBP/AUD. During low volatility we usually see non standard price action moves, which are corrected when normal trading conditions resume. Normal trading conditions should start tomorrow.
Current price action is telling us that 1.8170-1.8200 is the POC zone. 1.8215 is the last line of defense for bulls. A close above will start an upmove and the intraday trend will probably change. Below 1.8215 targets are 1.8165, 1.8134 and 1.8090 as the final target.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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