After losing their 2021 uptrend at the end of October, GBP/AUD rates have been rejected twice at reclaiming the multi-month trendline, treating former support as resistance. But price action through November has established a series of lower highs and higher lows, suggesting that consolidation is taking root.
Momentum is slowly turning more bullish for GBP/AUD rates, but the pair hasn’t ‘turned the corner’ just yet. GBP/AUD rates are still below their daily 5-, 8-, 13-, and 21-EMA envelope, which remains in bearish sequential order. However, daily MACD has turned higher and has been rising for six consecutive sessions, while daily Slow Stochastics have advanced through their median line.
The pair’s rebound today at the 23.6% Fibonacci retracement of the 2020 high/2021 low range at 1.8213, in the form of a hammer candlestick, hints that another attempt higher may soon arrive. A move above 1.8437 would clear out the November highs, as well as retake the uptrend from the January 2021 and May 2021 swing lows.
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