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FxWirePro: GBP/AUD attracts buying interest, 50% fibonacci eyed

Thursday, April 7, 2022 9:34 PM UTC

• GBP/ AUD rose on Thursday as weaker Australian dollar and lower oil prices boosted sterling.

• The price of oil fell amid uncertainty that the euro zone will be able to effectively sanction Russian energy exports, and after consuming nations announced a huge release of oil from emergency reserves. .

• The pair currently is approaching resistance at 1.7502( 5DMA). A break above 1.7502 would unmask 1.7650 level in the short term.

• Immediate resistance is located at 1.7502( 5DMA), any close above will push the pair towards 1.7641 (50%fib).

• Immediate support is seen at 1.7428(38.2%fib) and break below could take the pair towards 1.7164(23.6%fib).

Recommendation: Good to buy around 1.7450, with stop loss of 1.7300 and target price of 1.7650

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FxWirePro: GBP/AUD attracts buying interest, 50% fibonacci eyed

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