Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD extends gains, eyes 23.6% fib resistance

• GBP/ AUD rose towards 1.9500 level on  Wednesday  as  Australian dollar  was undermined  by softer Australian CPI report.

• Australian consumer price inflation held at a two-year low in January despite forecasts for an uptick, reinforcing expectations that interest rates are unlikely to increase further.

• The pair currently is approaching resistance at 23.6%fib. A break above 11.8651 will unmask 1.9600 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 63,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.9532 ( 23.6%fib), any close above will push the pair towards 1.9602 (Sep  7th 2023 high).

• Immediate support is seen at 1.9358 (38.2%fib) and break below could take the pair towards 1.9298 (Feb 26th low).

Recommendation: Good to buy around 1.9480 , with stop loss of 1.9400 and target price of 1.9570

  • Market Data
Close

Welcome to EconoTimes

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