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FxWirePro: GBP/AUD downside pressure builds, key support level in focus 
On WTI crude price chart, bullish engulfing pattern has occurred at $46.57 levels, consequently, the recent rallies attempted to bounce above 7DMAs but were restrained below $53.29 levels (refer daily chart). The minor trend appears to be weaker on the formation of back-to-back shooting stars at $52.58 and $52.91 levels, for now, more slumps seem to be on cards amid mild rallies.
On a broader perspective, although we could see some abrupt minor rallies, both the leading & lagging indicators signal weakness (monthly plotting).
Please be noted that on monthly terms also, steep slumps well below EMAs upon bearish engulfing patterns at $64.83 levels, ever since then, bears have managed to constantly nudge prices below EMAs and retraces more than 61.8% Fibonacci levels are observed. More weakness is foreseen on this timeframe as well as both leading oscillators (RSI & stochastic curves) indicate faded strength & intensified bearish momentum and lagging indicators (EMA & MACD) signal downtrend continuation.
But for now, hammer at $45.06 levels counters with rallies above DMAs, more upswings on cards in short-run as
Both leading and lagging technical indicators, on this timeframe, appear to be indecisive.
Currently, at spot reference: $50.84 levels, as the broader market tone is troublesome amid mild rallies in the near-terms, we note that the continued decline in the WTI rallies testing fresh lows and threatening $45/bbl also makes the commodity-driven currencies vulnerable, hence, we wish to uphold WTI directional hedging strategies.
Hence, initiate long in CME WTI futures positions of Jan’2019 delivery and short CME WTI futures positions of Mar’2019 delivery. The strategy is to be executed with a view of arresting both upside/downside risks in the next 1-3-months’ time.
Currency Strength Index: FxWirePro's hourly EUR is at -72 (bearish), while USD is inching at 1 (which is neutral), while articulating (at 13:24 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
