FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (NZDUSD and EURUSD) for the day)
FxWirePro:GBP/AUD uptrend falters, leaving 1.7603 as key support
• GBP/AUD initially gained on Wednesday but trend reversed as pair was weighed on dovish comments from new BoE policy maker.
• Swati Dhingra, who will join the BoE in August, said the bank should move to tightening policy very gradually as there are signs an economic slowdown
• The pair hit daily high at 1.7723, but pulled back , it was last down 0.00% at 1.7618.
• The oair drops below the 5-DMA , slide halts at the 1.7603 (50%fib),break below will accelerate towards 1.7534 level.
• Immediate resistance is located at 1.7723 (Daily high ), any close above will push the pair towards 1.7760 (38.2%fib).
• Strong support is seen at 1.7603 (50%fib) and break below could take the pair towards 1.7531 (21DMA).
Recommendation: Good to sell around 1.7630 with stop loss of 1.7720 and target price of 1.7540
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