GBP/AUD bears linger at EMAs to extend triple top formation

FX:GBPAUD   英鎊 / 澳幣
GBP/AUD bears linger at EMAs to extend triple top formation in rising channel – Double touch to trade ahead of UK CPI:

Please be noted that on both daily as well as weekly charts, the bull swings seem to have been absolutely exhausted at around stiff resistance of 1.7365 levels and at the channel resistance. Ever since then, steep slumps have been evidenced.

Yes indeed, the resembling bearish engulfing candle appear in the previous weeks at 1.7415 levels, as a result, the current prices have gone below 7EMAs in the consolidation phase.

On the flip side, despite a stern bullish rally during last weekend, the price behavior from last two weeks of bearish streaks still prevails.

Any break below support at 1.7276 & 1.7220-7185 levels indicates the extension of further price slumps, otherwise, watch out for break-out above a stiff resistance of 1.7365 levels for the northward journey, while both the leading & lagging indicators have been little indecisive on daily terms and to favor selling interests on weekly terms.

In intermediate trend, both RSI and stochastic oscillators are suggestive of intensified bearish momentum as they constantly converge downwards to the price dips.

On the other hand, MACD has also been quite indicative of the prolonged bearish travel.

Although the intermediate trend spikes through rising channel with double-top formation (top 1 at 1.7173 and top 2 at 1.7650), now on the verge of extending 3rd top at 1.7996 as it has shown the failure swings exactly at channel resistance with price sustenance below 7WMA, both leading oscillators indicate intensified selling momentum in the overbought zone (refer weekly terms).

Trade tips: Contemplating above technical reasoning, price swings on either side has more chances. With the double touch binary options trade, at spot reference: 1.7320 we advocate choosing upper strikes 1.7365 and lower strikes 1.7305 levels in which the options trader reckons that the price of the underlying spot FX would hit these strikes before the option expiration time. 

Currency Strength Index: ahead of UK’s CPI data announcement FxWirePro's hourly GBP spot index has extended to 88 (which is bullish ), while hourly AUD spot index was creeping up at shy above 22 (mildly bullish ) while articulating (at 07:32 GMT ).
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