GBP AUD Overview

Today, we have three occasions on some exotic instruments. First up is the GBPAUD pair, which created an upwards channel /wedge formation (red lines). This kind of pattern on local highs is a rather negative sign, so we were expecting a bearish breakout yesterday. That is exactly what happened and ....

As expected, the FOMC had no major impact on the market but was enough to create a new bullish wave on gold. Here, a buy signal was created earlier when the price broke the upper line of the wedge formation. Before the FOMC, we were inside a bullish flag formation with higher chances of an upswing.....