Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD dips below lower range, bearish bias increases


• GBP/AUD fell  on Monday as Australian dollar was  bolstered by China’s economic stimulus measures  and higher iron prices.

• Risk sentiment had flourished this month after the U.S. Federal Reserve eased its monetary policy, while a slew of stimulus measures announced by top-commodity consumer China gave a leg up to.

• On the data front,   Britain's economy grew more slowly than previously thought in the second quarter.

• Technical are bearish, daily RSI is negative  at 40, daily momentum studies  11and 14 DMAs are trending down. 

• Immediate resistance is located at 1.9395(50%fib ), any close above will push the pair towards 1.9510 (61.8%fib).

• Strong support is seen at 1.9285(38.2%fib) and break below could take the pair towards 1.9175 (Jul 16th low).

Recommendation: Good to sell around 1.9350 , with stop loss of 1.9400 and target price of 1.9300

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.