• GBP/AUD declined on Thursday as upbeat Australian jobs data and higher commodity prices supported Australian dollar across the board.
• Thursday’s data from the Australian Bureau of Statistics (ABS) showed 70,700 net new jobs were created in March, double forecasts of a 35,000 gain.
• At GMT 15:09, the pair was trading 0.04% lower at 1.7785, after hitting daily low at 1.7767.
• Technical signals are bearish as RSI is at 36, daily momentum studies 5,9,11 DMA are trending south.
• Immediate resistance is located at 1.7813 (50%fib ), any close above will push the pair towards 1.7870 (100DMA).
• Strong support is seen at 1.7760 (Ichimuku Cloud base) and break below could take the pair towards 1.7717 (38.2%fib).
Recommendation: Good to sell around 1.7800 with stop loss of 1.7860 and target price of 1.7740.
