For AUD investors the spotlight will no doubt be on the Reserve Bank of Australia’s latest rate decision.
No policy changes are expected this week, but will the bank offer any insight into this future stimulus plans?
GBP AUD charts
WEEKLY shows a target at 1.84534 – 164 pips above the current position. The rsi is below the sell zone indicating further up movement from this pair to come.
DAILY has 2 targets. The first target is at 1.85384 – 243 pips above target; the second target is at 1.82482 – 41 pips below the current position. The rsi is just below the sell zone indicating some further up movement to come before this pair is in the sell zone and ready to head down to the buy zone. Confirmation of this pair moving down is needed before placing a sell trade in this time zone.
GBP AUD in the media
Daily FX Written by James Stanley, Strategist for DailyFX.com
GBP/AUD STIFLED AT PSYCH LEVEL AS BULLS AIM FOR CONTINUED RECOVERY
Sterling wasn’t bearish everywhere last week as commodity currencies were hit even harder; evidenced by the third consecutive week of gains in GBP/AUD. From the Daily chart, that bullish trend potential continues to show as last week’s higher-high was coupled with this week’s higher-low. The current point of resistance appears to be around the 1.8500 psychological level with support coming in around the 23.6% marker at 1.8226.
The continued tests of resistance combined with a series of higher-lows and a recent higher-high keeps the door open for topside continuation in the pair and, accordingly, the forecast will be set to bullish for the week ahead.
GBP/AUD TECHNICAL FORECAST: BULLISH
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