Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD key support held, downside risk remains

• GBP/AUD dipped on Monday but downtrend was limited as  investors positioned themselves ahead  U.S. inflation data due later on Tuesday.

• The centrepiece event for the week is the release of U.S. CPI data on Tuesday. UK inflation data will also be released later this week.

• The current mild downward pressure is deemed intact as long as the pair does not move above 50% fib resistance.

• Technical signals are strongly bearish  as RSI is   at 53, 5, 9,11 DMAs are trending up. 

• Immediate resistance is located at 1.7467(50% fib), any close above will push the pair towards 1.7498 (21DMA).

•  Strong support is seen at 1.7375 (38.2% fib) and break below could take the pair towards 1.7324 (Jan 25th low).

Recommendation: Good to sell on  around 1.7420, with stop loss of 1.7500 and target price of 1.9320

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.