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Add as a preferred source on Google FxWirePro: GBP/AUD room for further gains, good to buy on dips • GBP/AUD initially gained on Thursday but gave up most of the ground as traders attention turned to Fridays US NFP data . •The pair failed to breach a key resistence at 23.6 % fib (1.9843) as the pair was severely over …
By FxWirePro Team Apr 1, 2021, 5:26 PM UTC
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• GBP/AUD initially gained on Thursday but gave up most of the ground as traders attention turned to Fridays US NFP data .
•The pair failed to breach a key resistence at 23.6 % fib (1.9843) as the pair was severely over bought.
• GBP/AUD remains bullish, only a break and daily close below 1.8045(5DMA) will shift bias to the downside.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is strongly bullish at at 62.
• Immediate resistance is located at 1.8190( Higher BB), any close above will push the pair towards 1.8261 ( 23.6 % fib).
• Strong support is seen at 1.8123 (Daily low ) and break below could take the pair towards 1.8080 (38.2%fib).
Recommendation: Good to buy around 1.8120, with stop loss of 1.8050 and target price of 1.8200
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