GBPAUD: Aims for a monthly close above trendline

The bulls are set to take charge after overrunning the 1.8290 resistance level as it looks to move back above a monthly ascending trendline that failed to hold price around March 2022. Ever since the price hit 1.5930 which was the low of March 2017, buyers have continued to push the price higher with every resistance in the way conquered on a second attempt. In March 2023, another event is set to show a strong finish to end the first quarter. In the first week of April, the Australian Dollar (AUD) will be tested when the Reserve Bank of Australia (RBA) will be deciding on its cash rate and also give forward guidance on the economic outlook. Investors will be on the lookout as a dovish RBA could see the bulls extend their rally toward higher price levels but a hawkish RBA could flip the direction with the bears seeking to force the price below the trendline.