FxWirePro: GBP/AUD neutral in the near-term, scope for downward resumption
•GBP/AUD declined on Monday as higher metal and oil prices boosted Australian dollar. •Oil prices hit their highest in over two months, as traders waited to see whether a planned European Union meeting would reach an agr…
•GBP/AUD declined on Monday as higher metal and oil prices boosted Australian dollar.
•Oil prices hit their highest in over two months, as traders waited to see whether a planned European Union meeting would reach an agreement on banning Russian oil imports.
•The pair dipped to test (50% fib ). A break under would unmask 1.7500 level.
• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 47.
• Immediate resistance is located at 1.7653(5DMA ) , any close above will push the pair towards 1.7712(38.2%fib).
• Immediate support is seen at 1.7568(50%fib )and break below could take the pair towards 1.7509 (20th April low ).
Recommendation: Good to around 1.7590, with stop loss of 1.7680 and target price of 1.7500
