Australian pound and target levels

At the technical level

The Australian pound pair rose on Wednesday in an attempt to complete the bat harmonic model on the four-hour frame.

The pair is still trading below the resistance levels located at the levels of 2.0710 / 40, which, if reached, we are waiting for the pair to deal with it.

Any rebound from them with reversal candles will be the downside will be the master of the situation and it is possible that the pair will retreat back towards the bottom.

As for what we are likely to break through this resistance, at this current moment our goal will be to reach the completion of the harmonic pattern near the levels of 2.0960, and before that an initial target at the levels of 2.0860.

This scenario fails if the resistance breaks down again.

At the economic level

It is worth mentioning that tomorrow from the UK we have the interest rate decision for the pound sterling and expectations indicate a 25 basis point interest rate cut from 4.50% to 4.25%, and on Friday we will have a talk to Andrew Bailey, governor of the Bank of England.

On the other hand, there are no important data from the Australian economy until the end of the week.