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FxWirePro: GBP/AUD rebounds, critical resistance lies ahead

• GBP /AUD strengthened on Tuesday as the pair was aided by   profit-taking on GBP shorts. 

• The pair  rebounded from daily low at 1.7263 and has rallied towards in 1.7432 by US session.

• The pairs rise above the 5DMA has reinforced the growing bullish strength, putting focus on resistance at 1.7478

• Immediate resistance is located at 1.7424 (38.2% fib), any close above will push the pair towards 1.7478 (9DMA).

• Immediate support is seen at 1.7368(5DMA) and break below could take the pair towards 1.7300 (50%fib).

Recommendation: Good to buy on dips around 1.7400 with stop loss of 1.7300 and target price of 1.7500.

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