GBP/AUD chart on Trading View used for analysis
- GBP/AUD is extending weakness for the 5th straight session.
- The pair is trading 0.13% lower on the day at 1.8072 at 1055 GMT.
- Technical indicators have turned bearish, Stochs have rolled over from overbought levels.
- RSI is biased lower and MACD is on verge of bearish crossover on signal line.
- The pair is holding support at 20-DMA at 1.8032, break below will see further weakness.
- Dip till 200-DMA at 1.7885 likely. Break below 200-DMA required for further weakness.
- 5-DMA is immediate resistance at 1.8230. Break above could see test of Jan 25 highs at 1.8521.
Support levels - 1.8032 (20-DMA), 1.7885 (200-DMA), 1.7840 (trendline)
Resistance levels - 1.8229 (5-DMA), 1.8521 (Jan 25 high), 1.8728 (Oct 11 high)
Recommendation: Good to go short on break below 20-DMA, SL: 1.8235, TP: 1.7890, 1.7840
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
