- GBP/AUD extends weakness after break below 20-DMA at 1.7618, bias still lower.
- Aussie continues to be supported higher, extends gains across the board on strong Aussie jobs data.
- The ABS reported earlier today that the Australian economy added 61.6K jobs in November, beating consensus at 18K.
- The full-time employment stood at 41.9k (prior 24.7k), while part-time employment 19.7k (prior -20.3k), while the participation rate ticked higher to 65.5 percent from 65.1 percent.
- Technical studies support further weakness in the pair. We recommend staying short in the pair.
Support levels - 1.75, 1.74888 (Dec 5 low), 1.7363 (Nov 28 low), 0.7296 (38.2% Fib)
Resistance levels - 1.7563 (23.6% Fib retrace of 1.61625 to 1.79966 rally), 1.7625 (20-DMA), 1.7646 (5-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-GBP-AUD-Trade-Idea-1055795) is progressing well.
Recommendation: Bias lower, stay short.
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -64.2182 (Neutral), while Hourly AUD Spot Index was at 123.756 (Bullish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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