Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/AUD uptrend gains momentum, good to buy on dips

• GBP/ AUD rebounded from earlier dip on Thursday as sterling was boosted across the board after   ECB shrugged off recent market turmoil and raised rates by 50bp.

• Investors await the Bank of England's rate decision next week, with money markets seeing a 60% chance of a 25-basis-point hike.

 • At GMT 18:58  the pair was trading up 0.11 percent  at 1.8229 reversing course from 1.8097(Daily low).

• Technical signals show the pair could gain   as RSI bullish at 69,while moving averages are trending higher.

• Immediate resistance is located at 1.8235(5DMA), any close above will push the pair towards 1.8323 (23.6%fib).

• Immediate support is seen at 1.8097 (38.2%fib) and break below could take the pair towards 1.8000 (Psychological level).

Recommendation: Good to buy around 1.8220, with stop loss of 1.8100, and target price of 1.8310

  • Market Data
Close

Welcome to EconoTimes

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