GBPAUD → Breaking of the trend, but a sideways range is forming

14 Jun 2023

GBPAUD is forming a sideways range of 1.9000-1.8600. There was an attempt to break through the support at the bottom, but on the retest the price returned in the range boundaries.

The price may test 1.86000 area and either make further growth to the nearest resistance or go down.
Consolidation is formed above the support level 1.86094, in fact, a signal to open a long position is formed. Since there is no clear trend and the market is in a neutral direction, it is possible to buy from support and sell from resistance in a range trading strategy.
Moving averages act as resistance and this is worth paying attention to.

Strong support: 1.86094.
Strong resistance: 1.87738.
The priority is to expect a continuation of the fall, because earlier the uptrend was broken. But the price forms a sideways range and we have the right to buy from the support, the nearest target of such strategy could be the level of 1.87738.

Regards R. Linda!