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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.
