FxWirePro: GBP/AUD tests 1.79 handle, bias higher, 200W SMA at 1.8422 next bull target

• GBP/AUD has hit 1.7908, levels unseen since July 2016, bias still bullish.
   
• The pair has pared some gains and is currently trading at 1.7780 levels.
   
• Price action extends 100W SMA break with a strong bullish bias, momentum studies are highly bullish.
   
• RSI on weekly charts shows strong momentum at 70 levels and is gaining traction.
   
• Bulls now eye 38.2% Fib retrace of 2.2372 to 1.5789 fall at 1.8304 ahead of 200W SMA at 1.8422.
   
• On the flipside, retrace below weekly 100-SMA could see weakness, scope then for test of 20-DMA at 1.7324.

Support levels - 1.7685 (5-DMA), 1.7574 (1H 200-SMA), 1.7503 (100W SMA)

Resistance levels - 1.79, 1.8304 (38.2% Fib retrace of 2.2372 to 1.5789 fall), 1.8422 (200W SMA)

Call Update: Our previous call (http://www.econotimes.com/FxWirePro-GBP-AUD-breaks-100W-MA-at-17501-bias-higher-stay-long-1031409) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 1.76, hold for 1.80/ 1.83/ 1.8420.

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 64.234 (Neutral), while Hourly AUD Spot Index was at -41.4869 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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