• GBP/ AUD rose sharply on Tuesday as strong UK jobs data boosted sterling across the board.
• The jobless rate dropped to 3.7% from 3.8% below forecasts and the number of people out of work was less than job vacancies on offer for the first time on record.
• Today’s rise has passed through the 5DMA at 1.7730 and now eyes the 1.7840( 38.2%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 54,while moving averages are trending higher.
• Immediate resistance is located at 1.7840( 38.2%fib), any close above will push the pair towards 1.7886 (Higher BB).
• Immediate support is seen at 1.7730 (5DMA) and break below could take the pair towards 1.7668 (38.2%fib).
Recommendation: Good to buy around 1.7750, with stop loss of 1.7600 and target price of 1.7900
