• GBP /AUD strengthened on Thursday as elevated U.S. yields, sliding commodities, China concerns weighed on Australia dollar.
• Copper prices continued to fall for their fifth consecutive session on Thursday to their three-month low to attract consumers buying the dip.
• Gold prices were subdued after hitting a two-month low on Thursday, pressured by a strong dollar rally.
• The pairs rise above the 38.2%fib has reinforced the growing bullish strength, putting focus on next resistance at 1.9700..
• Immediate resistance is located at 1.9702(23.6%fib), any close above will push the pair towards 1.9786 (Nov 6th high).
• Immediate support is seen at 1.9597 (38.2%fib) and break below could take the pair towards 1.9502 (50%fib).
Recommendation: Good to buy on dips around 1.9620, with stop loss of 1.9550 and target price of 1.9700.
