FxWirePro: GBP/AUD breaks below 38.2% Fib, eyes 200-DMA at 1.7469, stay short

• GBP/AUD is extending break below 38.2% Fib, bias still bearish.
   
• The pair has been extending decline after rejection at 200W-SMA and any further upside only on break above.
   
• Momentum studies are heavily bearish and we see -ve DMI dominance.
   
• Trend indicators also support downside, next major bear target lies at 200-DMA at 1.7469.
   
• Violation at 200-DMA could see further weakness. Scope then for test of 61.8% Fib at 1.7058.
   
• Upside finds immediate resistance at 5-DMA at 1.7666. Break above 100-DMA invalidates bearish bias.

Support levels - 1.7575 (Feb 13 low), 1.75, 1.7469 (200-DMA)

Resistance levels - 1.7670 (5-DMA), 1.77, 1.7893 (100-DMA) 1.80

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-AUD-rejected-at-session-highs-stay-short-on-break-below-daily-cloud-1317918) has hit TP1/2.

Recommendation: Book partial profits. Hold for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -124.553 (Bearish), while Hourly AUD Spot Index was at 101.31 (Bullish) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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