FxWirePro: GBP/AUD struggles at major trendline resistance at 1.7070, further upside only on break above

• GBP/AUD upside struggling to break major trendline resistance at 1.7080.
   
• The pair is holding break above 200-DMA, further upside likely on break above trendline.
   
• Bullish RSI divergence adds to upside bias in the pair. Price action is holding above daily cloud and momentum studies are bullish.
   
• Next bull target likely at 1.76 (38.2% Fib retrace of 2.0530 to 1.5789 fall). On the flipside, we see bullish invalidation on close below 200-DMA. 
   
• 200-DMA at 1.6711 is major support on the downside, while immediate resistance is seen at 1.76 (38.2% Fib retrace of 2.0530 to 1.5789 fall)

Support levels - 1.6908 (23.6% Fib retrace of 2.0530 to 1.5789 fall), 1.6828 (5-DMA), 1.6710 (200-DMA)

Resistance levels - 1.7070 (Trendline), 1.7155 (Dec 1 high), 1.7412 (Sept 8 high), 1.76 (38.2% Fib)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Neutral               Oversold        
1D          Bullish                Oversold        
1W         Bullish                Neutral      

Recommendation: Good to go long on break above 1.7070, SL: 1.69, TP: 1.7155/ 1.7260/ 1.73

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 142.368 (Bullish), while Hourly AUD Spot Index was at -41.5888 (Neutral) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.