FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption
• GBP/AUD initially gained on Wednesday, but slipped below 1.8500 as Brexit, virus deaths and negative UK rate debate darkened already gloomy outlook for the pound.
• Monday's holiday market has led to a tight GBP/AUD doji candle and topside is capped repeated by 11 DMA at 1.8634.
• GBP/AUD remains vulnerable, only a break and daily close above 1.8927 (21 DMA )will shift bias to the upside.
• Technicals are bearish, RSI is 28, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8634 (11 DMA ), any close above will push the pair towards 1.8927 (21 DMA).
• Strong support is seen at 1.8454 (Daily low) and break below could take the pair towards 1.8307 (lower BB).
Recommendation: Good to sell on around 1.8550, with stop loss of 1.8700 and target price of 1.8400.