Weekly Technical Outlook: GBP/AUD: Market Forecasts for March 2nd – March 6th

Pound headed for some correction this week

  • Stop loss  1.9957
  • Entry level  1.9691
  • First Target to test at 1.9438
  • Next target to test at 1.9268

 

Weekly Technical Outlook: GBP/AUD: Market Forecasts for March 2nd – March 6th
Weekly Technical Outlook: GBP/AUD: Market Forecasts for March 2nd – March 6th

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Technical Analysis

GBP/AUD pair, as seen on the weekly chart, has tested the flip area where the price previously acted as support is now at resistance level. The price has been unable to break past the levels with the back-to-back pin bar formation on the daily chart. This price action indicates that sellers are dragging the pair down and there is some correction towards the downside. With the price currently at the swing high, the movement has shifted and price should be able to reach target at 1.9438 – 1.9268.

Economic

  • Nationwide HPI is expected to remain at 0.3%. Manufacturing PMI expected to go up at 53.4%.
  • BOE Governor Mark Carney Speaks.
  • Mortgage Approvals – no change is expected from the release on Thursday.
  • Services PMI to improve is forecasted at 57.5%, Official bank rate too remain unchanged.
  • RBA Interest Rate Decision forecasted for another cut from 2.25% to 2%.
  • Price action currently at swing high, and price has been consolidating in the range.
  • We look for a break below the Pin bars.
  • Fib levels at 23.6 – 38.2

 

Area of Interest

  • Price action currently at swing high, and price has been consolidating in the range.
  • We look for a break below the Pin bars.
  • Fib levels at 23.6 – 38.2

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