FxWirePro: GBP/AUD Trade Idea

FxWirePro Currency Strength Index for GBP/AUD: Bias Bearish

FxWirePro's Hourly GBP Spot Index was at -107.373 (Bearish)

FxWirePro's Hourly AUD Spot Index was at 120.261 (Bullish)

Technical Analysis: Bias Bearish

- RSI and Stochs have rolled over from near overbought levels

- RSI has fallen below 50 levels and momentum studies are bearish

- Price has broken below 21-EMA support at 1.8248

- +ve DMI crossover on -ve DMI

Support levels - 1.8148 (4H 200-SMA), 1.81, 1.8024 (55-EMA)

Resistance levels - 1.8248 (21-EMA), 1.8320 (5-DMA), 1.8475 (April 17 high)

Recommendation: Good to go short on rallies around 1.8220/30, SL: 1.83, TP: 1.8150/ 1.81/ 1.8024.

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