Like GBPUSD, we repeatedly recommended buying the pound against the Aussie dollar. We got Aussie jobs data tomorrow (Sep14) and BoE event on Friday (Sep 15). Both the events have a potential to raise the volatility.
GBPAUD erased the fifteen-month descending trend line. Ahead of the above mentioned key events, we shifted out stance to “cautious from buying”. We forecast an extension to 1.66, high made at 1.6580, required a take profit action.
It has resistances seems at 1.6610 above this 1.6660. The near term extension likely to cap between 1.6610-1.6660. Until remains 1.6735 we forecast another retracement to 1.6500, 1.6450 and 1.6380 (earlier breakout level).
We are watching 1.6380-1.6300 to buy again. We’ll be keeping an eye.
Weekly range: 1.6660-1.6380
Monthly range: 1.6770-1.6270
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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