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Tuesday, January 24, 2012

A reversal of trend in eur/aud and gbp/aud looks probable


You see how gbp/usd and gbp/jpy were going up recently as I had predicted. The same is happening to aud/jpy pair (look my previous post). The breakout in the pair was real and we will probably see even higher prices very soon. 

Today I looked at eur/aud and gbp/aud pairs and I saw a reversal of a downward trend coming. If you analyze gbp/aud more carefully you will see that it is at a very important resistance on daily chart. It has also formed a reversal pattern (123 structure) on 4 hour chart. The same picture can be seen on eur/aud. The pair has already made a higher high and higher low, which is a clear technical indication of upcoming higher prices. It has to take the barrier of 1.2460 lying ahead though. 

gbp/aud looks even stronger. It seems to have broken the breakout point of 1.4915. The price has retraced a little, but my sixth sense tells me that we will probably see a move up. As always, try to apply your own sound judgment to make your own decisions and do not trust everything I say.

Hope this short trend analysis was useful.

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Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.