We might see some corrections in the currency pair in the coming day. The Pair is trading in the upward channel where we have seen a bull trap which indicates that the seller is not ready to give the buyer the upper hand at the higher levels. At the higher level we saw divergence and we had given a sell call on the pair looking at the divergence and the trap; we expect the pair to correct if it is able to close below the previous low for 2-3 days; if the pair is able to do so we can expect the pair to correct till the lower channel. Golden crossover was seen on the pair and good upside move was seen in the pair, the pair has close below the 50 ema which suggest to come out of the pair and wait for the opportunity. For buyers if the pair is able to take support at the lower channel line and the pair move above 0.382 or the pair is able to regain the upside move re enter the long side.

Advice : Those who are long Exit and short if above condition is fulfilled,same for the buy side

GBP/AUD

KUNAL KAMBLE

Sep 29 2021