• GBP/ AUD declined y on Monday as Australian dollar got some of Its strength back as iron ore gained
• Risk sensitive Australian dollar also climbed as China equity gains buoyed risk-sensitive Australian dollar.
• The pair currently is approaching resistance at 1.7397 (38.2%fib). A break below 1.7397 will unmask 1.7300 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 45,while moving averages and MACD are trending lower.
• Immediate resistance is located at 1.7427(21DMA), any close above will push the pair towards 1.7493 (50%fib).
• Immediate support is seen at 1.7397 (38.2%fib) and break below could take the pair towards 1.7303(Lower BB).
Recommendation: Good to sell around 1.7430, with stop loss of 1.7500 and target price of 1.7350
