GBP/USD & AUD/USD: Technical picture – SocGen

By FXStreet Research Team at Societe Generale, presents the technical outlook of the GBP/USD & AUD/USD pair.

Key Quotes

“GBP/USD hit and rejected the multiyear channel limit near 1.46 and is now probing January lows. It is approaching towards projection for the c wave at 1.4040/1.3950. It has confirmed a short term H&S which suggests possibility of further down move. Weekly stochastic is still above a graphical floor however a move above 1.46 will be needed for sustainable rebound. 2009 lows at 1.36/1.35 is next significant support zone.

AUD/USD is tentatively giving a break above a down sloping channel which was in force since last October and is also tracing an inverted Head and shoulder with confirmation level at 0.7260. With daily indicator close to a resistance, a move above 0.7260 will be required to signal extension in rebound. Only in such a scenario the pair will indicate a move towards 0.7360 with next hurdle at multiyear channel limit near 0.75, also the 50% retracement from last May highs.”
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Source:: FX Street