AB=CD harmonic pattern

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Technical analysis of GBP/AUD dated 16.02.2015

GBP/AUD during the recent days was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 2.0030.Price by reaching to the important round resistance level of 2.0000 and the resistance edge of uptrend channel has stopped from more ascend that shows buyers used this price level to exit their trades.

According to the formed price movements in the chart, between the bottom price of 1.7858 and top price of 2.0030,there is AB=CD harmonic pattern with ideal ratios of 61.8 and 161.8 that with completion of the D point there will be a warning for descending of price.Stoch indicator in daily time frame is in the saturation buy area and is in divergence mode with the price chart that warns about changing price direction.One of the important warnings for decreasing of is breaking of supportive level of 1.9768 (Low level of price changes in the previous daily candle).

Written by the technical team of PipSafe Company
GBP/AUD Chart

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