- GBP/AUD is trading in an extremely narrow range, with a day's high at 1.7629 and a low of 0.7587.
- The pair is extending break below daily cloud and 100-DMA, bias still bearish.
- Upside was rejected at 200W-SMA and any further upside only on break above.
- Momentum studies are heavily bearish and we see -ve DMI dominance.
- Trend indicators also support downside, next major bear target lies at 200-DMA at 1.7476.
- Violation at 200-DMA could see further weakness. Scope then for test of 61.8% Fib at 1.7058.
- Upside finds immediate resistance at 5-DMA at 1.7649. Break above 100-DMA invalidates bearish bias.
Support levels - 1.7575 (Feb 13 low), 1.75, 1.7476 (200-DMA)
Resistance levels - 1.7649 (5-DMA), 1.77, 1.7896 (100-DMA) 1.80
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-AUD-rejected-at-session-highs-stay-short-on-break-below-daily-cloud-1317918) has hit TP1/2.
Recommendation: Book partial profits. Hold for further weakness.
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