Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/AUD uptrend stalled,progress needed soon to sustain

• GBP /AUD Initially gained  on Tuesday  but gave up most of the ground as markets assessed the severity of the Omicron coronavirus variant on the world economy.

• Added uncertainty over rising Covid-19 cases, a new Covid-19 variant is causing volatility in the market.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.8764 (23.6% fib), any close above will push the pair towards 1.8846 (Sep 28th high).

• Immediate support is seen at 1.8635 (38.2%fib) and break below could take the pair towards 1.8527 (50%fib).

Recommendation: Good to buy on dips around 1.8650, with stop loss of 1.8500 and target price of 1.8740.

  • Market Data
Close

Welcome to EconoTimes

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