by rollandthomas | December 6, 2018 5:44 am
On Monday it was reported Australian economy grew by 0.3% quarter-on-quarter in the September quarter, missing the forecasted expectations of 0.6% by a big margin. The annualized growth rate also dropped to 2.8% from the previous quarter’s reading of 3.4%. Net exports contributed 0.3 percentage points to GDP growth driven by a decline in imports. Also, the Reserve Bank of Australia ended its August policy meeting on Tuesday with rates held at a record low of 1.5%.
Meanwhile UK Prime Minister Theresa May had a rough day on Tuesday, The prime minister is facing an uphill battle, since pro-Brexit crowd says it fails to deliver on a decisive split with the EU, while the pro-European camp prefers to remain part of the EU.
These events were enough to send the Aussie dollar down and the Pound up. So will the GBP/AUD continue to surge, lets go to the charts to find out?
Three weeks ago, I made a post about price leaving a daily/weekly demand zone.
But price broke both zones and in the for process broke the upward trend.
Thus, the trend is sideways, but the momentum is down. The chart suggest to short price if and when price gets to the daily supply at 1.7773 with a target at 1.7400.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Source URL: https://mentormarket.io/rolland/forex-market-analysis-report-12-6-18-will-the-gbp-aud-continue-to-rise/
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