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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