• GBP/AUD rose towards 1.9460 after UK retail sales data showed unexpectedly strong reading in September.
• Retail sales volumes grew by 0.3%, exceeding expectations of a 0.3% fall, amid fears about probable tax increases in the 2018 government budget.
• Technical are bullish, daily RSI is positive at 59, daily momentum studies 11and 14 DMAs are trending up.
• Immediate resistance is located at 1.9488(23.6%fib), any close above will push the pair towards 1.9536 (Sep 26th high).
• Strong support is seen at 1.9417(38.2%fib) and break below could take the pair towards 1.9361 (50%fib).
Recommendation: Good to buy around 1.9450, with stop loss of 1.9350 and target price of 1.9530
