Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD worried after failure to hold above key fibo resistance

• GBP/AUD initially gained  on Wednesday  but gave up some ground on softer than expected UK CPI data .

• Data showed British consumer price inflation fell to 10.1% last month, more than the 10.3% expected and down from December's 10.5%..

• Scope is growing for an eventual break under 1.7377(38.2%fib), an eventual break below 1.7377 will accelerate   downside towards1.7300.

• Technical signals are bearish as RSI   46, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.7468(38.2%fib), any close above will push the pair towards 1.9197 (Jan 31st high)

• Strong  support is seen at 1.7377(38.2%fib) and break below could take the pair towards 1.7265 (23.6%fib).

Recommendation: Good   to sell  around 1.7460, with stop loss of 1.7570 and target price of 1.7340.
 

  • Market Data
Close

Welcome to EconoTimes

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