Home Technical Analysis GBPAUD: Harmonic structure is active now!

GBPAUD: Harmonic structure is active now!

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After long time of consolidation, the GBPAUD pair has been able to take out the resistance line which meets the psychological level of 2.0000 as seen on the provided daily chart.

The pattern is very close to be a crab pattern according to the Fibonacci symmetry that dominated the GBPAUD movements since 12 February 2015.

GBPAUD-12-06-2015-FXCOMMENT

Stability above Ribbons lines-EMA 21 to EMA 55- is another technical catalyst that argues us to be bullish on GBPAUD despite the trend exhaustion sign appearing on Know Sure Thing indicator.

The completion of the harmonic formation resides in the 2.0750 territories, while 1.9855 should hold to keep the scenario valid.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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