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FxWirePro: GBP/AUD rises on risk-on vibe,good to buy on dips

• GBP /AUD strengthened  on Thursday  as risk-sensitive pound benefited from equity gains.

• Equity , commodity gains drove risk-on news   China is set to loosen COVID curbs.

• The pairs rise above the 1.7896 (5DMA) has reinforced the growing bullish strength, putting focus on resistance at 1.7850 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.8034 (23.6% fib), any close above will push the pair towards 1.81024 (HIgher).

• Immediate support is seen at 1.7896 (5DMA) and break below could take the pair towards 1.7680 (38.2%fib).

Recommendation: Good to buy on dips around 1.7960, with stop loss of 1.7850 and target price of 1.7850.

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