• GBP/AUD declined on Monday, as emergency Fed cut and coronavirus related news sent it down to 1.9662 but buyers returned and pushed it back towards 1.9949
• Fed moves have spooked rather than soothed investor's coronavirus fears.
• At GMT 16:54, the pair was trading 0.5% higher at 1. 9943, highest since March 13th.
• Technically 5 day and 14-day momentum remains negative and RSI beginning to head down.
• On the upside, Immediate resistance is located at 2.015 ( 50%fib), any close above will push the pair towards 2.0194 (61.8% fib).
• On the downside, strong support is seen at 1.9843 (38.2% fib) and break below could take the pair towards 1.9605 (23.6% fib).
Recommendation: Good to sell on rallies around 1.2100, with stop loss of 1.2200 and target price of 1.9650.
