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GBPAUD and Silver Outlook
Published: 08/15/2018

The GBPAUD pair has attempted to break higher and turn its previous resistance level of 1.7600 into support. For now support is coming from the lower level of 1.7271 with a double test down to that area over the last two weeks. Should price turn lower again, 1.7000 will come into focus as a psychological level of support. The 1.6703 support zone is going to gain strength from the rising channel bottom in the coming weeks. There are a number of ways to draw this trend line and the one shown here is approximate with the highest number of touches.

Resistance for the pair had previously been 1.7800 but this was superseded by other levels since December 2017. It may become relevant again as we have dropped below this point. This level now represents a breakout point for any move higher. Above that level 1.8000 is the dominant resistance level. The break up to 1.8500 was short lived and price has retested 1.8000 after the move lower in recent weeks. The 1.8300 level has been important pre-brexit with a 1.8500 coming in as the current high for 2018.

The fall in Silver has been spectacular this summer. We are sitting close to the low at 14.92 after falling under 15.00 on Monday. The loss of 16.19 earlier this year set in motion a cascade of falling prices as precious metals came under severe pressure. Support for the market comes in at 14.89 followed by 14.81. From there the 14.00 level stands a reasonable chance of halting price with 13.50 below.

Resistance is found at the point of control at 15.20, but a quick move higher is needed to provide buyers with hope. The 15.52 level would provide a break out zone for a run on stops above 15.65. This could lead to 15.77 and 16.00 being tested followed by 16.19.

 

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