FxWirePro

GBP/AUD spinning tops favour bears, on verge of triple top

FX:GBPAUD   British Pound / Australian Dollar
GBPAUD             forms spinning top candlesticks at 1.7362 on daily and at 1.7813 levels on weekly plotting, ever since then the bulls seem to have been totally exhausted at stiff resistance levels of 1.7365-1.7406 and stuck in the range between 1.7406 and 1.7272 levels.

On weekly plotting, the consolidation phase in intermediate trend exhausted at rising channel resistance with the triple-top formation, the current downswings is on the verge of extending 3rd top at 1.7996 levels.

For now, more slumps seem to be on cards as bears hovering at 7WMA and both leading oscillators converge downwards.

Most noticeably, the intermediate trend, please be noted that the robust bearish swings are lingering ever since the occurrence of spinning top candlestick on weekly plotting as well.

As a result, the current prices are still well below 7EMAs despite ongoing rallies. In this process, the triple top formation has occurred with top 1 at 1.7173, top 2 at 1.7650 and top 3 at 1.7996 levels.

Any decisive break below support at DMA to signal extension of further price slumps, consequently, triple top formation would be confirmed as both the leading & lagging indicators to favor selling interests since they constantly converge downwards to the price dips on weekly terms.

Trade tips: Amid ongoing range bounded trend, on trading grounds at spot reference: 1.7340, one can speculate this pair buying boundary binary options with upper strikes at 1.7416 (10 pips tolerance) and lower strikes at 1.7288 levels.

Currency Strength Index: FxWirePro's hourly GBP spot index has turned into 108 (which is mildly bullish ), while hourly AUD spot index was at shy above 111 ( bullish ) while articulating (at 11:02 GMT             ).
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