• GBP/ AUD strengthened on Tuesday as kiwi dollar weakened as equities, commodities fell as investors sought safer assets.
• Oil prices fell on Tuesday, with the demand outlook pressured by coronavirus lockdowns in China and growing recession risks.
• The pair currently is approaching resistance at 23.6%fib. A break above 1.8128 would unmask 1.7900 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 56,while moving averages are trending higher.
• Immediate resistance is located at 1.7827( 23.6%fib), any close above will push the pair towards 1.7981 (Higher BB).
• Immediate support is seen at 1.7647(38.2%fib) and break below could take the pair towards 1.7579 (30DMA).
Recommendation: Good to buy around 1.7750, with stop loss of 1.7650 and target price of 1.7900
