• GBP/AUD dipped on Thursday as hawkish RBA expectation and higher commodity prices supported Australian dollar.
• Stronger-than-expected inflation data and an unexpected decline in unemployment have boosted market bets on a quarter-point rate hike by RBA as soon as next Tuesday.
• Meanwhile gold, a major Australian export, surged close to $5,600 an ounce, also supported commodity-driven currency.
• Technical are bearish, daily RSI is turning negative at 26 , daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9800(38.2%fib ), any close above will push the pair towards 1.9916(SMA 20).
• Strong support is seen at 1.9521 (23.6%fib ), and break below could take the pair towards 1.9459 (Lower BB).
Recommendation: Good to sell on around 1.9600 with stop loss of 1.9650 and target price of 1.9530
