Technical Analysis for GBP/AUD Pair:
The pair has declined strongly in the previous period, heading towards a key and strong support level around 1.9205, which was previously a resistance level. On the 4-hour timeframe, we observe that the price is moving downward towards this support level. By closely monitoring the pair’s price movement and analyzing it, our team of analysts at Forex Trade Time sees that the price is approaching an oversold condition on the RSI indicator, as the indicator will soon reach below the 30 level. This supports the theory of a correction. Additionally, on the Bollinger Bands indicator, the price has reached the lower band, further confirming this theory. Based on the aforementioned analysis by our team at Forex Trade Time (FXTTIME), we will wait for the price to reach the support level before entering buy trades to take advantage of this imminent correction.
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