GBPAUD Downside Opportunities
With GBP selling off across the board this week, there is plenty of interesting price action to note. One chart catching my eye in particular is GBPAUD. Price has recently broken down below the 1.8739 level and is now probing below the rising channel support, suggesting that the recent peak might be a lower high against the YTD highs. With indicators both bearish now and with the retail community around 60% long there is room for the move to develop further. While below 1.8739 bears will target 1.8461 next.
Key Data to Watch
With little in the way of key data for either currency this week the focus will instead be on broader themes within the backdrop. For the UK, the rising risks around the ongoing energy crisis and supply chain issues affecting the economy will likely keep GBP pressured in the near term. For AUD, the key focus is on COVID update around lockdowns.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.