FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURAUD and EURJPY) for the day
FxWirePro: GBP/AUD downside pressure builds, key support level in focus
• GBP/AUD declined on Thursday as sterling attracted sellers a day ahead of gross domestic product (GDP) data which are likely to show further signs of a weakening UK economy.
• UK GDP is expected to slip 0.3% in the second quarter after 0.4% growth in the first three months of the year.
• The pair hit daily low at 1.7147, it was last down 0.45% at GMT 19:57.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 34.
• Immediate resistance is located at 1.7281( 5 DMA), any close above will push the pair towards 1.7337 ( 38.2 % fib).
• Strong support is seen at 1.7147 (Lower BB ) and break below could take the pair towards 1.7021 (23.6 % fib).
Recommendation: Good to sell around 1.7180, with stop loss of 1.7290 and target price of 1.7050.
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