FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPUSD,AUDUSD and EURAUD)
FxWirePro:GBP/AUD dips to new lows, chart momentum remains negative
• GBP/AUD declined on Tuesday a Australian dollar dollar was boosted by higher commodity prices and as investors wagered surging inflation will hasten rate rises.
• Underlying trend remains bearish. A break below 1.8333 (23.6% fib)might spur fresh downward momentum.
• Technical are bearish, daily RSI is negative at 33, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8385 (5 DMA ), any close above will push the pair towards 1.8444 (38.2% fib).
• Strong support is seen at 1.8333 (23.6% fib) and break below could take the pair towards 1.8284 (Lower BB).
Recommendation: Good to sell around 1.8370, with stop loss of 1.8450 and target price of 1.9250