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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

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FxWirePro:GBP/AUD loses momentum but outlook is bullish

Thursday, February 3, 2022 11:51 PM UTC

• GBP/AUD initially gained on Thursday but gave up ground as a rate hike from the Bank of England failed to keep the British currency against Australian dollar afloat.

• Pair traded in 1.9145/1.8988 range and was last trading at 1.9035.

• Technical signals are bullish as RSI is at 61, daily momentum studies 5,9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.9050 ( 38.2%fib), any close above will push the pair towards 1.9101 (Higher BB).

• Strong support is seen at 1.9006(9DMA) and break below could take the pair towards 1.8944 (50%fib).

Recommendation: Good to buy around 1.9030, with stop loss of 1.8950 and target price of 1.9120

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FxWirePro:GBP/AUD loses momentum but outlook is bullish

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