FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: GBP/AUD caught in narrow range, bias bearish
• GBP/AUD dipped on Thursday as Brexit fears weigh fuelled a drop.
• GBP/AUD after trading 1.8589 early in Asian session, slipped lower during the US session, it was last trading at 1.8589 (GMT 17:41).
• Technical signals are bearish as RSI is at 27, momentum studies, 5, 10 & 21 daily moving averages trending lower.
• Immediate resistance is located at 1.8583 ( 5 DMA), any close above will push the pair towards 1.8657 (23.6% fib).
• Strong support is seen at 1.8449 (27th May low) and break below could take the pair towards 1.8277 (Lower BB).
Recommendation: Good to sell around 1.8530 , with stop loss of 1.8650 and target price of 1.8400.