• GBP/ AUD rose on Thursday as weaker Australian dollar and lower oil prices boosted sterling. • The price of oil fell amid uncertainty that the euro zone will be able to effectively sanction Russian energy exports, and …
• GBP/ AUD rose on Thursday as weaker Australian dollar and lower oil prices boosted sterling.
• The price of oil fell amid uncertainty that the euro zone will be able to effectively sanction Russian energy exports, and after consuming nations announced a huge release of oil from emergency reserves. .
• The pair currently is approaching resistance at 1.7502( 5DMA). A break above 1.7502 would unmask 1.7650 level in the short term.
• Immediate resistance is located at 1.7502( 5DMA), any close above will push the pair towards 1.7641 (50%fib).
• Immediate support is seen at 1.7428(38.2%fib) and break below could take the pair towards 1.7164(23.6%fib).
Recommendation: Good to buy around 1.7450, with stop loss of 1.7300 and target price of 1.7650
