FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPJPY and AUDUSD) for the day
FxWirePro: GBP/AUD rallies to 2-week high, good to buy on dips
• GBP/AUD strengthened on Thursday as risk-sensitive GBP was supported by positive U.S. equity futures.
• GBP/AUD hits intraday high at 1.8789 and it was last trading at 1.8751.
• GBP/AUD remains bullish, only a break and daily close above 1.8520 (50% fib) will shift bias to the downside.
• Technical lean bullish as daily RSI is positive at 64, daily momentum studies 14 and 21 DMAs are trending up.
• Immediate resistance is located at 1.8764 (23.6%%fib ), any close above will push the pair towards 1.8860 (Higher BB).
• Strong support is seen at 1.8685 (5DMA) and break below could take the pair towards 1.8628 (38.2%fib).
Recommendation: Good to buy around 1.8730, with stop loss of 1.8600 and target price of 1.8850