GBPAUD → Retest of the support tandem (MA-200 and trend support)

5 cze 2023

GBPAUD made a false break of the upward channel resistance last week. After consolidation under the line in the area of 1.913 the currency pair forms correction to trend support.

The local distributive decline is directed to the support at 1.87738 (to the support area), on the background of the uptrend and strong decline we should expect a false breakdown or a rebound from the lower boundary of the trend. Because the local and global trends coincide, our scenario at the moment is only one - growth.
MA-50 has been broken and plays the role of resistance at the moment
MA-200 is a strong support and coincides with the lower boundary of the uptrend channel, strengthening this area.

Strong resistance: 1.886, 1.89325
Strong support: the lower boundary of the upside channel, 1.87738
I expect a bullish reaction after the retest of the support area. I think there is a high probability to see a rebound to 1.89325 and further growth to 1.9035

Regards R.Linda!