• GBP/ AUD gained on Tuesday soured risk appetite ,falling Iron-ore and equity prices weigh down Australian dollar.
• Soft Australian consumer confidence data also weigh down on Australian dollar as cost-of-living pressures and higher mortgage rates stoked concerns over finances, a survey showed on Tuesday.
• A close above 38.2%fib , will likely trigger a new bullish phase with potential for 1.9260.
• Technical signals are strongly bullish as RSI is at 67, daily moving averages are trending up .
• Immediate resistance is located at 1.9191 (38.2%fib), any close above will push the pair towards 1.9284 (23.6%fib).
• Immediate support is seen at 1.9094 (50% fib) and break below could take the pair towards 1.8991(61.8%fib).
Recommendation: Good buy around 1.9180, with stop loss of 1.9100 and target price of 1.9260
