FxWirePro : GBP/AUD capped by 5DMA, good to sell on rallies
• GBP/AUD initially strengthened on Tuesday as but gave most of the ground as Australian dollar was buoyed by China's moves to ease COVID-19 restrictions and gains equity. • In an up-and-down session, the pair hit daily …
• GBP/AUD initially strengthened on Tuesday as but gave most of the ground as Australian dollar was buoyed by China's moves to ease COVID-19 restrictions and gains equity.
• In an up-and-down session, the pair hit daily high at 1.7755 in early trading then fell towards 1.7483.
• The pair is approaching to testing 1.7484 (38.2%fib ). A break under 1.7484 would unmask 1.7400 level in the short term.
• Immediate resistance is located at 1.7604 (5DMA ), any close above will push the pair towards 1.7713 (38.2%fib).
• Immediate support is seen at 1.7484 (38.2%fib ), break below could take the pair towards 1.7395 (Lower BB).
Recommendation: Good to sell around 1.7590 with stop loss of 1.7760 and target price of 1.7500
