GBPAUD Will Buying Momentum Continue

Mon 13th March 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• GBPAUD
• AUDJPY (Covered in Video)

GBPAUD Will Buying Momentum Continue

The AUD remains one of the weakest currencies offering us selling opportunities.

GBP has remained on the strong side of the tables, which suggests GBPAUD could trade higher.

We featured GBPAUD many times last week as price made its way higher towards the key resistance of 1.8200.

Now price is as this level we need to identify if the trend will continue or will it now reverse?

If the price can trade above these highs, then the trend could continue to the next level of resistance which is 1.9150.

A rejection at the 1.8200 level could see the price trade back to the supporting highs of 1.8000

Buyers could re-enter here for long opportunities.

Technical Observations

• The GBP is S3 and AUD is W3on the day traders table.
• Price is at key resistance of 1.8200.
• If price can break through this resistance we could see a move towards 1.9150.
• A reversal here could lead to price testing previous support at 1.800.
• buyers could re-enter at 1.800 offering long opportunities.