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GBP AUD Technical Analysis - GBP AUD Trading: 2022-11-01
GBP/AUD Technical Analysis Summary
Above 1.821
Buy Stop
Below 1.76
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
GBP/AUD Chart Analysis
GBP/AUD Technical Analysis
On the daily timeframe, GBPAUD: D1 has formed a triangle. He must exit it to the top before opening a position. A downward exit from the triangle while simultaneously breaking the 200-day moving average line (also downward) can trigger the subsequent formation of a double top and a sell signal. We do not rule out a bullish movement if GBPAUD: D1 rises above the last 2 up fractals: 1.821. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, 200-day moving average and latest down fractal: 1.76. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (1.76) without activating the order (1.821), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - GBP/AUD
On November 1, the next meeting of the Reserve Bank of Australia (RBA) will take place. Will the increase in GBPAUD quotes continue?
RBA rate is currently 2.6%. It is expected to increase to 2.85% or 0.25%. Inflation in Australia in the 3rd quarter was 7.3% y/y. The next meeting of BoE will take place on November 3rd. His rate is now 2.25%. According to forecasts, it will be increased by 0.75% - up to 3%. Inflation in Britain reached 10.1% y/y in September. An additional positive for the pound could be the economic program of the new UK Prime Minister Rishi Sunak.
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