Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD uptrend gains momentum after Australian economic data disappoints

• GBP/AUD rose  on Tuesday as  Australian dollar slipped lower  after Australia's current account unexpectedly swung into deficit in the March quarter.

• Data from the Australian Bureau of Statistics on Tuesday revealed a first-quarter current account deficit of A$4.9 billion ($3.27 billion), contrary to the forecasted A$5.1 billion surplus..

• A rally towards is   1.9300 level is  possible if  GBP/AUD bulls overcome resistance at 38.2%fib.

• Technical signals are bullish as RSI is at 57, daily momentum studies  5  , 9 DMA’s are trending up. 

•  Immediate resistance is located at 1.9223 (38.2%fib ), any close above will push the pair towards 1.9296(23.6%fib).

• Strong support is seen at 1.9167(50%fib) and break below could take the pair towards 1.9108 (50%fib).

Recommendation: Good to buy on dips around 1.9200 with stop loss of 1.9110  and target price of 1.9290
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.