Technicals

Add as a preferred source on Google

FxWirePro:GBP/AUD respects ascending trendline, rebound risk high

• GBP/AUD recovered ground on Tuesday, as the pair found support at 1.9515 (lower ascending trend line). • Currently, the 1.9515 (lower ascending trend line) barrier is restricting lower move, will likely be a speed bump…

1 min read
FxWirePro:GBP/AUD respects ascending trendline, rebound risk high
Image from the original EconoTimes article

Read the original article

• GBP/AUD recovered ground on Tuesday, as the pair found support   at 1.9515 (lower ascending trend line).

• Currently, the 1.9515 (lower ascending trend line) barrier is restricting lower move, will likely be a speed bump to bears.

• From a technical viewpoint, the moving averages are suggesting neutral setup, while the RSI  is turning up at 42.

• On the upside, Immediate resistance is located at 1.9764 ( 50 DMA), any close above will push the pair towards 2.0003 ( 21 DMA).

• On the downside, strong support is seen at 1.9515 (Lower trendline) and break below could take the pair towards 1.9400 (Psychological level).

• Recommendation: Good to buy around 1.9550, with stop loss of 1.9450 and target price of 1.9950.
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560