FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCAD and EURJPY) for the day
FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption
• GBP/AUD dipped on Thursday as upbeat Australian dollar and higher oil prices boosted Australian dollar.
• Data showed Australia's unemployment rate at its lowest in almost 50 years at 3.9%. Overall employment rose only 4,000, but that masked a huge jump in full-time jobs.
• Bulls will need a clear 1.7801 ( 38.2% fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are mixed as RSI has turned lower, moving averages are mixed.
• Immediate resistance is located at 1.7709 ( 5DMA), any close above will push the pair towards 1.7801 ( 38.2% fib).
• Immediate support is seen at 1.7658 (38.2%fib) and break below could take the pair towards 1.7562(May 11th low).
Recommendation: Good to sell around 1.7700, with stop loss of 1.7800 and target price of 1.7610.