FxWirePro: GBP/AUD Trade Idea

FxWirePro's Hourly Currency Strength Index for GBP/AUD at 1000 GMT: Bullish

FxWirePro's Hourly GBP Spot Index was at 165.454: (Bullish)

FxWirePro's Hourly AUD Spot Index was at -109.093: (Bearish)

Technical Analysis: Bias Bullish

- Price action has shown decisive break above major trendline resistance at 1.7355.

- RSI and Stochs are biased higher and RSI shows strong momentum at above 50 levels.

- Technical studies on weekly charts also support upside.

- MACD on monthly charts is showing a bullish crossover on signal line.

Support levels - 1.7394 (5-DMA), 1.7343 (23.6% Fib retrace of 2.2372 to 1.5789 fall), 1.7201 (20-DMA)

Resistance levels - 1.7528 (weekly 100-SMA), 1.76, 1.7650 (May 2017 high)

Recommendation: Good to go long on decisive break above 1.7528 (weekly 100-SMA), SL: 1.7390, TP: 1.76/ 1.7650/ 1.77/ 1.78

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