GBP/AUD DOUBLE SUPPORT REVERSAL LONG

3 Jun 2020

The pair is in the free fall for several days, and in the downtrend for 1,5 months. Looking broadly, however, it is trading in a massive upward channel.

And now the price has reached an intersection of a horizontal support area and the support line of the upward channel.

It is therefore reasonable to expect a pullback, that would stop the fall and keep the pair within the channel. RSI is super oversold too, which is another bullish indicator in favor of the potential reversal.

The pullback target is the local resistance area in red.

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