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FxWirePro: GBP/AUD rises as poor Aussie jobs data gives longs further traction,good to buy on dips

• GBP/AUD rallied strongly on Thursday   as disappointing Australia's   Dec jobs data  weighed on Australian dollar.

• Australian dollar’s  fall was also aided by lower  equity and  lower copper prices.

• GBP/AUD bulls   confidence is running high, a test of the  1.8231 (23.6% fibo) highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 58, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.7945 (38.2%fib), any close above will push the pair towards 1.8052 (Higher BB).

• Immediate support is seen at 1.7730 (50% fib) and break below could take the pair towards 1.7667 (5DMA).

Recommendation: Good to buy on dips around 1.7920, with stop loss of 1.7830 and target price of 1.8050


 

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