FxWirePro: EUR/GBP extends bounce off 200-DMA support, focus on UK Retail Sales and Eurozone Consumer Confidence for impetus
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(AUDUSD and DXY) for the day
FxWirePro:GBP/AUD uptrend gains momentum, good to buy on dips
• GBP/ AUD rose sharply on Friday as Australian dollar weakened across the board as risk aversion hit stocks, bonds and oil.
• The pair currently is approaching resistance at 1.8066( 38.2%fib). A break above 1.8066 would unmask 1.8100 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.8882( 5DMA), any close above will push the pair towards 1.8990 (18th Jan high).
• Immediate support is seen at 1.8802 (50%fib) and break below could take the pair towards 1.8768(21DMA).
Recommendation: Good to buy around 1.8870, with stop loss of 1.8800 and target price of 1.8980