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FxWirePro:GBP/AUD uptrend gains momentum, good to buy on dips

• GBP/ AUD rose sharply on Tuesday as  strong UK jobs data boosted sterling across the board.

• The jobless rate dropped to 3.7% from 3.8%  below forecasts  and the number of people out of work was less than job vacancies on offer for the first time on record.

• Today’s rise has passed through the 5DMA at 1.7730 and now eyes the  1.7840( 38.2%fib).

• Technical signals show the pair could gain more ground in the short-term as RSI is at 54,while moving averages are trending higher.

• Immediate resistance is located at 1.7840( 38.2%fib), any close above will push the pair towards 1.7886 (Higher BB).

• Immediate support is seen at 1.7730 (5DMA) and break below could take the pair towards 1.7668 (38.2%fib).

Recommendation: Good to buy around 1.7750, with stop loss of 1.7600 and target price of 1.7900

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