FxWirePro: GBP/AUD dips as AUD draws support from commodities rally

• GBP/AUD dipped on Wednesday as higher commodities prices supported commodity linked Australian dollar .

• Gold surged past $4,000/oz for the first time as geopolitical tensions drove safe-haven demand, while copper edged higher on supply disruption risks.

• Oil prices held firm, rising roughly 1% as traders shrugged off oversupply concerns after OPEC+ decided to limit production increases.

• On the U.S. side, the FOMC meeting minutes showed that a majority of policymakers expect more easing in 2025, tempering some of the dollar’s strength

• Looking ahead, markets will be watching testimony from RBA Governor Michele Bullock and Deputy Governor Andrew Kent at the Senate Economics Legislation Committee on Friday for additional policy cues . 

• Immediate resistance is located at 2.0411(SMA 20), any close above will push the pair towards 2.0542(50% fib).

• Strong support is seen at 2.0315(38.2% fib) and break below could take the pair towards 2.0275(Lower BB).

Recommendation: Good to sell on  around 2.0420, with stop loss of 2.0550  and target price of 2.0300