FxWirePro: GBP/AUD Trade Idea

Refer GBP/AUD chart on Trading View

FxWirePro Currency Strength Index for GBP/AUD: Bias Bearish
FxWirePro's Hourly GBP Spot Index was at -102.023 (Bearish)
FxWirePro's Hourly AUD Spot Index was at 145.893 (Bullish)

Technical Analysis: Bias Bearish
- Breaks out of consolidation phase, breaks strong trendline support at 1.7640
- Momentum studies are bearish. RSI below 50, bias lower. 
- -ve DMI dominance and ADX is at 32 and rising in support of trend.
- Price action below major EMAs. Breaks below 38.2% Fib retracement 

Support levels - 1.74, 1.7391 (June 5 low), 1.7335 (50% Fib)
Resistance levels - 1.7589 (5-DMA), 1.7684 (21-EMA), 1.7735 (200-DMA)

Recommendation: Good to stay short on upticks, SL: 1.76, TP: 1.7390/ 1.7335/ 1.71 

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.