GBP/AUD Nearing Symmetric Triangle Conclusion

By Tomasz Wisniewski|

Published: April 18 2024, 13:24 GMT+0

GBP/AUD Nearing Symmetric Triangle Conclusion

In today’s analysis, let’s delve into the GBPAUD, focusing on the long-term perspective. The stage is set for a captivating narrative as recent developments in the Australian market have added an intriguing twist to the plot.

Today’s data from the Australian market introduced some unexpected turns. While the unemployment rate rose slightly to 3.8%, the real surprise came with the unemployment change figures, which plummeted to minus 6.6 thousand, painting a rather grim picture. Surprisingly, these figures failed to significantly sway the Australian Dollar, leaving traders on the edge of their seats as they await the next plot twist.

Turning our attention to the daily chart, we’re confronted with a formidable symmetric triangle pattern, boldly outlined in red. This week, the price action exhibited a notable bounce off the upper boundary of this formation, hinting at a possible rendezvous with the lower boundary in the near future. The anticipation mounts as we approach the climax of this triangle, with the price poised to make a decisive move.

For traders eyeing potential breakout opportunities, vigilance is paramount. A price close today above the upper boundary of the triangle could signal a bullish surge, while a close below the lower boundary would herald a bearish downturn. Though the grand finale may not unfold today or even in the coming week, the stage is unquestionably set for a thrilling spectacle, and traders would be wise to keep a keen eye on this captivating instrument.