Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

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

• GBP/AUD initially  dipped on Wednesday  but recovered some ground as  investor focus turned to the Bank of England policy announcement on Thursday.

• Money markets are currently pricing in a greater than 90% chance of an outsized 50 basis point rate hike at Thursday's meeting

• GBP/AUD remains bullish, only a break and daily close above 1.7381 (61.8% fib) will shift bias to the downside.

• Technical are bullish, daily RSI is negative at 52, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.7513 (38.2% fib), any close above will push the pair towards 1.7563 (100DMA).

• Strong support is seen at 1.7443 (50% fib) and break below could take the pair towards 1.7404(14DMA).

Recommendation: Good to buy  around 1.7480, with stop loss of 1.7380 and target price of 1.7560
 

  • Market Data
Close

Welcome to EconoTimes

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