GBP/AUD 1H chart 7/10/2012 11:10AM EDT
The GBP/AUD did NOT break lower from the 7/9 session double top. Instead of holding below the 1.52 base support, the market consolidated around there, and pushed up to a new high at 1.5253 during the start of the 7/10 session. However, throughout the European session and now the 7/10 US session, the GBP/AUD fell back through the 1.52 level.
This price action transformed the “double top” to a “triple top”. Some can argue that this was and expanded flat. Whatever name you call it, price action does appear to have topped off for now as well as break below a rising channel that started 7/5 and ended 7/10.
If the 7/10 US session manages to hold below 1.52 and show further bearish intent, we have the 1.5136 pivot to be tested as support for the 7/11 session, with the 1.5062 July-low in sight.
Fan Yang CMT is a trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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