• GBP/AUD recovered some ground on Friday as investors assesed Mideast Tensions and below forecast payroll data
• Geopolitical tensions remain the dominant market driver, particularly the escalating conflict in the Middle East.
• U Concerns about energy supply have intensified after Kuwait announced production cuts, adding to the disruption already caused by the regional conflict.
• Brent crude prices have surged above $90 per barrel, increasing inflation fears and pushing investors toward safer assets such as the U.S. dollar..
• The U.S. economy unexpectedly lost jobs in February, while the unemployment rate rose to 4.4%, signalling possible labor market weakness and complicating the Federal Reserve’s policy outlook amid rising oil prices.
• Immediate resistance is located at 1.9157(38.2%fib), any close above will push the pair towards 1.9415(50%fib).
• Strong support is seen at 1.8834 (23.6%fib ), and break below could take the pair towards 1.8718 (Lower BB).
Recommendation: Good to sell on around 1.9070 with stop loss of 1.9120 and target price of 1.9000
