FxWirePro: GBP/AUD finds stiff resistance at 1.9250 levels, further upside only on breaks above
Our previous call (http://www.econotimes.com/FxWirePro-GBP-AUD-breaks-strong-resistance-at-18640-good-to-long-dips-200269) has achieved all targets. The pair spiked above 0.91 handle after poor Australia CPI data today r…
The pair spiked above 0.91 handle after poor Australia CPI data today raised RBA rate cut bets.
Low inflation, on its own, is not a trigger for a rate cut. RBA will likely wait to see a new weaker trend in domestic activity and employment before it would embark on such a strategy.
On weekly charts we see major hurdle at 1.9250 levels which is 23.6% Fib of 2.2372 to 1.8293 fall.
Further upside only on breaks above. Momentum studies are neutral. We recommend booking full profits for now.
