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FxWirePro: GBP/ AUD stuck in range but maintains bullish bias

• GBP/ AUD  initially dipped  on Tuesday  but recovered ground after better than expected   pay growth data.

• Data showed February pay growth rose faster than anticipated, boosting chances of a 25 basis point interest rate hike next month..

• The pair hit daily low at 1.8404 and was last trading at 1.8471.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.8512 (Dailyh high), any close above will push the pair towards 1.7656(23.6%fib).

• Strong support is seen at 1.8366(38.2%fib) and break below could take the pair towards 1.8301(Lower BB )

Recommendation: Good to buy around 1.8440 with stop loss of 1.8400 and target price of 1.8520

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