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FxWirePro: GBP/AUD rebounds as dip buying emerge

• GBP/AUD regained   ground on Wednesday amid falling commodities prices and a cooling risk appetite.

• WTI fell 2.86% as lower EIA crude inventories raised doubts about demand from China.

• Copper dipped 0.09% as it retreated from a 10-week high, influenced by a strengthening dollar.

• Technical are bullish, daily RSI is positive at 51, daily momentum studies  11and 14 DMAs are trending up. 

• Immediate resistance is located at 1.9558 (38.2%fib ), any close above will push the pair towards 1.9614 (Sep 16th high).

• Strong support is seen at 1.9431(50%fib) and break below could take the pair towards 1.9368 (61.8%fib).

Recommendation: Good to buy  around 1.9500 , with stop loss of 1.9440 and target price of 1.9580
 

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