GBPAUD Are Buyers Targeting 1.7950?

Mon 6th March 2023 : Daily Currency Strength Analysis

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

• GBPAUD
• EURAUD (Covered in Video)

GBPAUD Are Buyers Targeting 1.7950?

In today’s forex strength video we identified that the Great British Pound (GBP) had appeared on the charts at S3 on the day traders table.

The AUD is W2 on the day traders table, meaning we can focus on GBPAUD for possible buying opportunities. 

We have featured GBPAUD recently after the price broke out of the minor trading range around 1.7500.

Since then the price has rallied into the key resistance of 1.7950.

Sellers drove prices lower from this level back into the previous highs. 

These highs have acted as support, which could lead to another move back into the resistance of beyond.

The hourly time frame could provide a buying opportunity if the price were to retest the recent highs and find support. 

Technical Observations

• The GBP is S3 and AUD is W2 on the day traders table.
• Price found support recently at 1.7725.
• This could lead to price trading back to the highs around 1.7950.
• The hourly chart shows price making new highs.
• Previous highs can act as support.
• If price retests the highs and buyers step in, it could offer buying opportunities.