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 no targets in this time frame, therefore no trade is recommended at this time.
DAILY has no new targets in this time zone there no trade is recommended
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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