GBP/AUD on verge of forming 3rd top in channel & hitting 1m lows

FX:GBPAUD   Britisches Pfund / Australischer Dollar
As you could probably observe both on both daily as well as monthly charts, the bull swings seem to have been totally exhausted at channel resistance. Ever since then, steep slumps have been evidenced.

Yes indeed, the resembling bearish engulfing candle appear in the previous month at 1.7415 levels, as a result, the current prices have gone below 7DMAs and 7EMAs in the consolidation phase.

After a stern bullish rally in the price behavior from last two weeks of bearish streaks, the pair is all set to break below strong support zones.

Any break below support at 1.7567 & 1.7358 levels with bearish DMA crossover indicates the extension of further price slumps, while both the leading & lagging indicators to favor selling interests.

Both RSI and stochastic oscillators are suggestive of intensified bearish momentum as they constantly converge downwards to the price dips.

On the other hand, MACD has also been quite indicative of the prolonged bearish travel.

Well, on a broader perspective, intermediate trend spikes through rising channel with double-top formation (top 1 at 1.7173 and top 2 at 1.7650), now on the verge of forming 3rd top at 1.7996 as it has shown the failure swings exactly at channel resistance with price sustenance below 7WMA, both leading oscillators indicate intensified selling momentum in the overbought zone (refer weekly terms). For now, the current price is all set to hit 1-months lows at 1.7355 levels.

Trade tips: Contemplating above technical reasoning, we could foresee more dips on cards with 21DMA acting as the stiff resistance and 1.7358 as a strong support.

At spot reference: 1.7411, one can buy tunnel spreads with upper strikes at 1.7527 and lower strikes at 1.7358 levels.

Some traders view this type of exotic option strategy as being like a debit put spread position, since the trader stands to benefit on a calculated price movement up or down in both scenarios but within the above-stated range.

Currency Strength Index: FxWirePro's hourly GBP spot index has turned into -75 (which is bearish ), while hourly AUD spot index was at shy above 81 ( bullish ) while articulating (at 12:19 GMT ).

Strength indices are also indicating the bearish outlook of this pair and conducive to our strategy.
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