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 1.80472 – 317 pips down from the current position. The rsi is just below the sell zone and may go up into the sell zone before heading down to the buy zone. Confirmation of this pair heading firmly down to the buy zone is needed before placing a trade in this time frame.
DAILY has a target at 1.84109 – 22 pips down from the current position. The rsi is just below the sell zone indicating there may be a little further movement up before this pair is ready to head down to the buy zone and the target. Confirmation of this pair firmly headed to the sell zone is needed before placing a trade in this time frame.
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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