Price just reversed on the daily timeframe. Buyers were pushing GBPAUD to the upside, but now that AUDUSD is increasing in strength, GBPAUD is decreasing. These two currency pairs are whats called negative correlating currency pairs.
The pair they have in common are AUD. It's like a seesaw. AUD is in the middle. If GBPAUD increases AUDUSD will increase. If GBPAUD decreases AUDUSD will increase. There are plenty of websites to find positive and negative correlations. A quick Google search should do the job. Be sure to focus on pairs that move 70 to (-70) with and against each other.
AS far as GBPAUD, I'm on my hands until price pulls-back. We don't know how long price will decrease until the pullback happens.
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The pair they have in common are AUD. It's like a seesaw. AUD is in the middle. If GBPAUD increases AUDUSD will increase. If GBPAUD decreases AUDUSD will increase. There are plenty of websites to find positive and negative correlations. A quick Google search should do the job. Be sure to focus on pairs that move 70 to (-70) with and against each other.
AS far as GBPAUD, I'm on my hands until price pulls-back. We don't know how long price will decrease until the pullback happens.
Press 👍🏽 if you enjoy this analysis and be sure to comment your thoughts and questions below.
Remember, let us be kind to one another and provide value, not just random thoughts.