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4 Feb 2013
Forex Flash: GBP/AUD potential upside to the 1.62 region – Danske Bank
The pair is now retreating from today’s highs above the key resistance at 1.51, although still trading not far from 2013 lows around 1.50
According to Chief Analyst A.Lohman-Rasmussen at Danske Bank, the formation of a wedge pattern followed lows at 1.4550, hinting the likeliness of a broader basing structure. Since January lows below 1.50, bulls are trying to rein in the market, pushing the cross beyond the psychological 1.50 mark.
“Clearing 1.5375 (8 January high) will open the way for a test of the wedge upper boundary at 1.5620 and the 31 December 2012 high at 1.5675. Above here strengthens for 1.5885 next (5 October high) ahead of the 2012 peak (23 May) at 1.6185”, the expert concluded.
According to Chief Analyst A.Lohman-Rasmussen at Danske Bank, the formation of a wedge pattern followed lows at 1.4550, hinting the likeliness of a broader basing structure. Since January lows below 1.50, bulls are trying to rein in the market, pushing the cross beyond the psychological 1.50 mark.
“Clearing 1.5375 (8 January high) will open the way for a test of the wedge upper boundary at 1.5620 and the 31 December 2012 high at 1.5675. Above here strengthens for 1.5885 next (5 October high) ahead of the 2012 peak (23 May) at 1.6185”, the expert concluded.