Technicals

Add as a preferred source on Google

FxWirePro: GBP/AUD positions for another climb, eyes 1.9600 level

• GBP/AUD strengthened on Tuesday as sterling kept firm tone ahead of Wednesday's UK budget. • British finance minister Jeremy Hunt will announce his budget on Wednesday.Investors expect a raft of policy announcements, i…

1 min read
FxWirePro: GBP/AUD positions for another climb, eyes 1.9600 level
Image from the original EconoTimes article

Read the original article

• GBP/AUD strengthened on Tuesday  as   sterling  kept  firm tone  ahead of Wednesday's UK budget.

• British finance minister Jeremy Hunt will announce his budget on Wednesday.Investors expect a raft of policy announcements, including a radical scheme to help first-time home buyers.

• A rally towards is   1.9600 level is  possible if  GBP/AUD bulls overcome resistance at 1.9581(38.2%fib ).

• Technical signals are bullish as RSI is at 63, daily momentum studies  5 , 9 DMA’s  are trending up. 

•  Immediate resistance is located at 1.9581(38.2%fib ), any close above will push the pair towards 1.9539(Higher BB).

• Strong support is seen at 1.9463 (50%fib) and break below could take the pair towards 1.9334 (61.8%fib).

Recommendation: Good to buy on dips around 1.9510 with stop loss of 1.9400  and target price of 1.9600
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560