var tradingview_embed_options = {};
tradingview_embed_options.width = ‘640’;
tradingview_embed_options.height = ‘400’;
tradingview_embed_options.chart = ‘txqExKbJ’;
new TradingView.chart(tradingview_embed_options);
GBPAUD Weekly Forex Forecast 10th December to 16th December by yshashmi37 on TradingView.com
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.7800 would begin in Midterm.
We will close our open trades, if the Midterm level 1.7800 is broken.
Technical analysis:
There is a divergence in RSI and price between the trough at 1.7474 on 2018-11-16 and the trough at 1.72075 on 2018-12-03, and the probability of beginning of downtrend is decreased.
While the RSI resistance #1 at 50 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 1.7210 on 12/03/2018, so more gains to resistance(s) 1.7650 and maximum to Major Resistance (1.7800) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 46.
About the Author
