GBP/AUD enters new phase of bear trend - 50% fibo.ret. likley

FX:GBPAUD   British Pound / Australian Dollar
181 0 3
This descriptive analysis gives you an in depth technical insights that signal bearish trend confirmation.

On daily charts , bears slide along sloping channel, Shorting opportunities are generated on rallies as the current prices drifts below 7DMA again.

Breaches below crucial supports at 2.0054 and 1.9309 may expose towards 50% retracement , bears can load weights in short as selling momentum is confirmed by leading oscillators.

You see the pair also clears the sloping channel base line that was acted as a baseline from last 6 months or so (see daily charts for downswings sliding below channel).

Please make a note that the current prices have slipped below 7 & 21DMAs but within lower BB that signals long term downtrend prolong further.

Well, on long term perspective, we reiterate that the bullish trend reversal after the evidence gravestone doji and hanging man patterns at around 2.1553 and 2.1607 levels on monthly charts that are highly bearish in nature as appeared at peaks of rallies.

Most importantly, this months' candle has convincingly broken 38.3% fibonacci retracements and supports at 1.8825 levels after rejecting peaks of 2.2372 levels,

So one can very well understand every price jumps would easily be wiped off by selling interests. The slumps upto 50% fibo levels are on the cards in the days to come (i.e. towards 1.8372 levels).

RSI on both daily and monthly converges the robust price dips (daily - below 30s & monthly - below 44), while no deviation from monthly MACD , the lagging indicator also confirms the downtrend continuation.

Hence, with all above technical reasoning we can brave-heartedly advise long term bears can very well expect southward targets around 1.8372 levels.
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