GBP/AUD Daily Chart Analysis
GBP/AUD rejected the 78.6% Fibonacci Retracement level several times with a rising wedge ABCDE formation on the Daily Chart. Seeing a rising wedge pattern means that the price should start its downside movement, and we should be ready to capitalize on the move.
Our first target will be the 50% Fibonacci Retracement level (1.78348). Breaking this level will push GBP/AUD towards the 61.8% Fibonacci Retracement level (1.77350), and the 100% Fibonacci Retracement level which is also the bottom of the rising wedge at (1.74120).
Our first target will be the 50% Fibonacci Retracement level (1.78348). Breaking this level will push GBP/AUD towards the 61.8% Fibonacci Retracement level (1.77350), and the 100% Fibonacci Retracement level which is also the bottom of the rising wedge at (1.74120).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.