The GBPAUD price could be one to watch as the strength meter points out a reversal opportunity.
Watch the video to learn more…
The trend of GBPAUD could reverse this week for many different reasons. For instance seasonally the GBP’s best performing month is April, this information combined with the strength meter showing GBP moving from the extreme lows suggests we want to look for GBP long ideas. We want to trade the strength of the GBP against the weaker currencies. The Australian Dollar is currently moving from the extreme highs on the strength meter and recently the RBA announced a hold of interest rates which could have left investors disappointed.
The weekly chart is showing the price forming a bullish pin candle with an oversold RSI. These confluences could confirm the reversal is forming for the currency pair. If the price is going to move higher we should see an uptrend develop in the 4hr time frame. If the price retests the previous demand and we see bullish price action we can look for long ideas around the lows.
Do you trade AUDJPY? see our previous analysis here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.