$GBPAUD Looking to Build a Base
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The only thing I think you can count on is a lot of noisy behavior, but once we clear that 1.75 level to the upside, I am more than willing to get long. On the other hand, we can break down below the bottom of the hammer, and I have no issue shorting at that point. has fallen a bit against the Australian dollar during the day but then turned around to show signs of life again.
By doing so, it looks like the market will try to break back above the psychologically important 1.75 level. If we can break above there, then it’s likely that the market will continue to recover, perhaps trying to get to the 200-DayWe also have the 50-Day EMA in that area, so I think there are multiple reasons to believe that might be a target if we do take off to the upside.
I will wait for a daily close to getting involved because I believe that there is a high probability of noisy behavior, so you need to be cautious about trying to jump the gun. With that in mind, it’s just a matter of waiting for the signal and following it. This is going to be an interesting pair because both the Australian dollar in the British pound has been relatively strong against the greenback, so it does make a certain amount of sense that we have to settle this decision as to which one is stronger sooner or later.
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