• GBP/AUD gained momentum as weak yuan, lower copper andd gold prices weighed on Australian dollars despite positive employment numbers.
.• The Australian Bureau of Statistics (ABS) released employment data indicating that Australia's unemployment rate fell to 4.0% in May..
• Australian Employment Change rose to 39.7K in May from 38.5K in April, exceeding the forecast of 30.0K.
• Technicals are favouring bullish sentiment as RSI is at 56 and the pair is trading above 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9303(38.2% fib), any close above will push the pair towards 1.9321 (Higher BB)
• Strong support is seen at 1.9164 (50% fib)and break below could take the pair towards 1.9094 (June 3rd low).
Recommendation: Good to buy around 1.9240, with stop loss of 1.9150 and target price of 1.9300
