Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD gains some upside momentum but still bearish

• GBP/AUD recovered some ground on Tuesday as expectations about an emergency intervention from UK central bank increased.

• The Bank of England and UK Treasury attempted to soothe market concerns after the government announced a raft of unfunded tax cuts.

• GBP/AUD remains vulnerable, only a break and daily close above 1.6822 (9DMA) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 35, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6720 (50%fib ), any close above will push the pair towards 1.6812 (9DMA).

• Strong support is seen at 1.6504 (38.2%fib) and break below could take the pair towards 1.6221 (23.6% fib)

Recommendation: Good to sell on  around 1.6670, with stop loss of 1.6780 and target price of 1.6560
 

  • Market Data
Close

Welcome to EconoTimes

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