GBP/AUD Forecast Today 28/8: Upward Pressure (Video)
Date
8/28/2024 3:12:47 PM
(MENAFN- Daily Forex)
The British pound has rallied pretty significantly during the trading session on Tuesday against the Aussie dollar as we are now above the 1.95 level. Yet again, if we can continue to go higher, then I think the 1.97 level is more likely than not going to be where we are aiming to get to on pullbacks. I do think that there is plenty of support underneath, especially as the 50 day EMA is currently right around the 1.935 zero level.
With that being the case, this is a
market that is going to continue to be noisy, but I also recognize that it's been in an uptrend for a while. And I do believe at this point in time that the British pound continues to be one of the better performing major currencies.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Aussie has a lot of External Pressures
Keep in mind that the Australian dollar is highly sensitive to global growth and risk appetite. Of course, in and of itself could be a major problem. There are concerns about the United States slowing down and that will put even more pressure on the global economy and therefore commodities. A lot of forex traders use the Australian dollar as a bit of a proxy for the commodity markets so all of this ties together for a potential shot higher. This would be the more likely of the outcomes at this point in time.
If we can break above the 1.97 level, then it could open up a move towards where we had spiked, which was the 2.00 level, a level that obviously attracts a lot of headlines. On the other hand, if we were to turn around and break down below the 1.93 level, then it could open up the possibility of a breakdown to the 1.90 level underneath. This is a bullish looking market, but I do recognize that there is a lot of noise above that could get in the way.
Ready to trade our daily Forex forecast? Here's some of the top forex online trading Australia to check out.
MENAFN28082024000131011023ID1108612186
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.