The GBP/AUD has formed a bearish move that should provide continuation only below 1.7707.
As long as the price is below 1.7707 we should see a drop towards 1.7603 and 1.7563. The market is clearly bearish and the price has formed a new low at the Wizz 8. A potential retest is in play as long as the price is held below 1.7707. Only a close above the W L4 – 1.7750 could possibly instill a higher retracement towards 1.7836. Even then the pair will be bearish and rejections will be possible.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX