FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURAUD and EURJPY) for the day)
FxWirePro: GBP/AUD steadies above 1.7450 after early weakness
• GBP/AUD initially declined on Thursday after Bank of England delivered a bigger half-point rate rise but recovered ground after the BoE statement.
• The pair has traded 183 pip range thus far Thursday, 1.7320-1.7503, post-BoE MPA, The pair is approaching 38.2% retracement at 1.7473, a daily close above will accelerate towards 1.7500 .
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is bullish at 51.
• Immediate resistance is located at 1.7473(38.2 % fib), any close above will push the pair towards 1.7554( 23.6% fib).
• Strong support is seen at 1.7415 (50% fib ) and break below could take the pair towards 1.7396 (5DMA).
Recommendation: Good to buyaround 1.7450, with stop loss of 1.7390 and target price of 1.7530.