FxWirePro: GBP/AUD struggles at 21-EMA, break above to see further upside

GBP/AUD chart on Trading View used for analysis 

• GBP/AUD upside finds stiff resistance at 21-EMA, any further gains only on break above.
   
• The pair is holding above 5-DMA support and 5-DMA is biased north.
   
• Stochs and RSI support upside and we evidence a bullish divergence on RSI and Stochs which adds to the upside bias. 
   
• Major trend in the pair is bearish and rejection at 21-EMA will see resumption of weakness.
   
• Break above 23.6% Fib eyes 55-EMA at 1.7767 ahead of 38.2% Fib at 1.7789.
   
• On the flipside, 5-DMA is immediate support at 1.7536, break below will see weakness till 1.7278 (Lower BB)

Support levels - 1.7535 (5-DMA), 1.7290 (Dec 12 low), 1.7278 (Lower BB)

Resistance levels - 1.7767 (55-EMA), 1.7789 (38.2% Fib), 1.7838 (110-EMA)

Recommendation: Stay long on decisive break above 21-EMA, target 1.77/ 1.7775

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.