Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/ AUD short had control, kept it after UK labour report

• GBP/ AUD declined on Tuesday after data showed the UK labour market weakened even as wage growth stayed strong in July.

• Average weekly earnings growth in the three months to July rose to 8.5% in annual terms .But other labour market gauges underlined caution about the economic outlook.

• Bearish are on course to force a daily close under 1.9411 (50%fib,That would open the pathway to much bigger losses in coming sessions. 

• Technical signals show the pair could lose more ground in the short-term as RSI has tuned lower at 45, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.9513(5DMA), any close above will push the pair towards 1.9603(38.2%fib).

• Immediate support is seen at 1.9411 (50%fib) and break below could take the pair towards 1.9353(Lower BB).

Recommendation: Good to sell around 1.9450, with stop loss of 1.9650 and target price of 1.9360
 

  • Market Data
Close

Welcome to EconoTimes

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