GBPAUD breaks to the upside today

Author: Greg Michalowski | Category: News

The GBPAUD broke to new highs today. The price bottomed last week against the 200 day MA and the 38.2% of the move down from the October 2011 high to the low reached in February (see chart above). The move higher today also took out a triple top that formed from the end of March at the 1.5503 area.  Staying above this level, keeps the bulls in charge.

Looking at the intraday chart below the pair has clearly trended higher today. On corrective moves, I will be looking for support from buyers on dips toward the 1.5515 to 1.5527 area.  IF the price is breaking away from the 1.5503 area, I would expect early dip buyers in this area with stops below the 1.5500 level.