• GBP/AUD rose on Tuesday as the Australian dollar weaken against the pound after RBA announced no change in interest rates as per expectations.
• The Reserve Bank of Australia on Tuesday left the cash rate unchanged at 4.35% following its December policy meeting..
• The Reserve Bank of Australia stated that the board had some confidence that inflation was returning to goal, but it kept rates unchanged as was generally anticipated.
• A daily close above 38.2%fib will further improve the technical outlook, and open the possibility of a rally towards 2.0050 level
• Technical are bullish, daily RSI is up at 67 , daily momentum studies 9 and 10 SMAs are trending north.
• Immediate resistance is located at 2.0027 (23.6%fib ), any close above will push the pair towards 2.0101(Higher BB).
• Strong support is seen at 1.9887(38.2%fib ), and break below could take the pair towards 1.9761 (50%fib).
Recommendation: Good to buy around 2.0000 with stop loss of 1.9850 and target price of 2.0100
