Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD reverses recent rally, bias back to downside

• GBP/AUD reversed course  on Thursday as China's pledge to spend fuelled  bid for riskier assets like Australian dollar.

• Beijing committed to additional policy measures aimed at boosting growth just days after unveiling significant interest rate cuts and new funding initiatives for the markets..

• As confidence in China's economic recovery grows, market participants are increasingly willing to take on risk, leading to a surge of riskier assets.

• Technical are bearish, daily RSI is negative  at 47, daily momentum studies  11and 14 DMAs are trending down. 

• Immediate resistance is located at 1.9558 (38.2%fib ), any close above will push the pair towards 1.9614 (Sep 16th high).

• Strong support is seen at 1.9423(50%fib) and break below could take the pair towards 1.9368 (Lower BB).

Recommendation: Good to sell around 1.9480 , with stop loss of 1.9550 and target price of 1.9380
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.