• GBP/AUD eased slightly on Thursday, but the decline was limited as mixed U.S. economic data and an upcoming key labor market report kept investors cautious.
• Global investors have been cautious this week due to signs of slowing growth in the U.S. economy, with ongoing uncertainty about the extent of potential Fed’s policy adjustments at its Sep17-18 meeting.
•A daily close above 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 1.9650 level.
• Technically, the moving averages are indicating a up trend, while the Relative Strength Index (RSI) is bullish at 57.
• Immediate resistance is located at 1.9611(38.2%fib), any close above will push the pair towards 1.9697(Aug 6th high).
• Immediate support is seen at 1.9480(50%fib) and break below could take the pair towards 1.9431 (Aug 26th low).
Recommendation: Good to buy around 1.9600, with stop loss of 1.9510 and target price of 1.9650
