FxWirePro: GBP/AUD breaks below 100-DMA, eyes 38.2% Fib at 1.7612, stay short

• GBP/AUD opened with a bearish gap and is extending downside as we head into the NY session.
   
• The pair has broken below strong support at 100-DMA and we see scope for further downside.
   
• Technical studies support downside. Stochs are biased lower and we see -ve DMI dominance.
   
• Violation at 100-DMA has raised scope for test of 38.2% Fib at 1.7612. Further bearishness can take the pair to 200-DMA at 1.7444.
   
• On the flipside, retrace and close above 100-DMA might see some consolidation.

Support levels - 1.78, 1.77, 1.7612 (38.2% Fib), 1.7444 (200-DMA)

Resistance levels - 1.7878 (100-DMA), 1.7945 (5-DMA), 1.80, 1.8056 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-AUD-rejected-at-session-highs-stay-short-on-break-below-daily-cloud-1317918) has hit TP1.

Recommendation: Book partial profits at lows. Hold for further downside.

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