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• GBP /AUD rally extended above 1.8000 on Tuesday as investors remained long despite dearth of Brexit optimism.
• The pair hit daily high at 1.8087 and was last trading at 1.8078 at (GMT 19:28).
• The pairs rise above the 1.8000 has reinforced the growing bullish strength, putting focus on resistance at 1.8233.
• Technical signals favours bullish sentiment, RSI is at 51 and pair trades above 5 & 9-DMAs.
• Immediate resistance is located at 1.8132 (50% fib), any close above will push the pair towards 1.8233 (38.2% fib).
• Immediate support is seen at 1.8022 (61.8% fib) and break below could take the pair towards 1.7970 (5 DMA).
Recommendation: Good to buy on dips around 1.8070, with stop loss of 1.7960 and target price of 1.8150.
