FxWirePro: NZD/JPY Interim Rallies Seem Deceptive, Major Downtrend Still Intact In Falling Wedge – Trading & Hedging Setup
FxWirePro: NZD/USD Plunges Below DMAs On Bearish Engulfing, Gravestone Doji Reminds Major Downtrend – Trading & Hedging Setup
FxWirePro: GBP/AUD retreats after failing to break Monday's high
• GBP/AUD declined on Monday as worries stalled Brexit talks weighed on sterling.
• The pair hit daily low at 1.8048, it was last down 0.16% at GMT 18:36.
•The pair is approaching 23.6% retracement at 1.8000, a daily close below which will accelerate towards 1.7900 (Lower BB).
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 42.
• On the upside, immediate resistance is located at 1.8123 ( 30 DMA), any close above will push the pair towards 1.8183 ( 38.2 % fib).
• On the downside, strong support is seen at 1.8000 (23.6% fib ) and break below could take the pair towards 1.7870 (Lower BB).
Recommendation: Good to sell around 1.8050, with stop loss of 1.8200 and target price of 1.7900.