FxWirePro: Cable Bulls In Minor Trend Exhausted Upon Hanging Mans & Shooting Star – Trading & Hedging Setup
FxWirePro: EUR/CHF set to resume weakness after failure to break above 50-DMA, stay short on upticks
FxWirePro: NZD/USD ignores Doji on Thursday's candle, resumes weakness on broad-based US Dollar strength
FxWirePro:GBP/AUD bulls beginning to fade, scope for downward resumption
• GBP/AUD gave back some of the gains made last week on Monday , as investors priced in looser financial conditions under Britain’s new finance minister.
• The pair fell to hit session low of 1.9341 in US trading and was last down 0.28% on the day at $1.19281 at GMT 17:41
• Major support is at 1.9200 (Trendline), a breach could potentially lead to further rapid decline as the next support is not until 1.9088 (50DMA)
•Strong resistance is at 1.9444(50% fib) but only a move above would indicate the current weak phase has stabilized.
Recommendation: Good to sell on rallies around 1.9350, with stop loss of 1.9480 and target price of 1.9190.