FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path toward 1.8700

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FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path toward 1.8700

Thursday, January 20, 2022 6:34 PM UTC

• GBP/AUD declined on Thursday as Australian dollar was supported by strong domestic jobs data and iron ore gains.

• Data from the Australian Bureau of Statistics showed Thursday that employment rose 64,800 in December, beating market forecasts for a 43,300 rise and adding to November's record jump of 366,000.

• The is pair heading towards the 30DMA, as near term direction of the pair is likely to be driven by current price action.

• Technical are bearish, daily RSI is negative at 49, daily momentum studies 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.8862(61.8%fib ), any close above will push the pair towards 1.8945 (19th Jan high).

• Strong support is seen at 1.8750 (50%fib) and break below could take the pair towards 1.8687 (30DMA).

Recommendation: Good to sell on around 1.8790, with stop loss of 1.8880 and target price of 1.8700

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