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  4. GBPAUD is moving in opposite correlation to AUDUSD

GBPAUD is moving in opposite correlation to AUDUSD

March 29, 2016 08:58

Yesterday's AUDUSD analysis on Session Recap webinar has already been respected as AUDUSD moved +50 pips from POC also providing us with the cue where the GBPAUD may go. As you can see from the correlation table which is a part of Admiral Markets Supreme Edition AUDUSD and GBPAUD are moving in the opposite direction that is indicated by a strong negative index -92. As my Session Recap analysis predicted AUDUSD rejected straight from 0.7570 while GBPAUD continued north.

Technically there is still a scope for more upside on GBPAUD pair. After tanking that happened after Head and Shoulders breakout, V shaped reversal turned the pair to the upside.1.8820-40 is POC zone and the pair is trying to reach 1.8915. If H1/H4 candle closes above 1.8915 we should see 1.8950 and 1.9015 if 1.8950 breaks. Momentum in strong - as indicated by a Price Action zigzag + MACD above 0 so GBPAUD is in buy the dips mode and a potential breakout of H3 level.

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