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
MONTHLY show this pair has three targets. The first target is at 1.78057 – 150 pips above the current position; the second target is at 1.87891 – 1,136 pips above the current position; the third target is at 1.96749 – 2,013 pips above the current position. The rsi and cmo are in the middle heading up to the sell zone.
WEEKLY shows three targets. The first target is at 1.75896 – 114 pips below the current position; the second target is at 1.77380 – 49 pips above the current position; the second target is at 1.81076 – 416 pips above the current position. The rsi and cmo are just below the sell zone indicating there is further up movement to come from this pair in this time frame.
DAILY shows five targets. The first target is 1.74728 – 218 pips below the current position; the second target is at 1.75967 – 98 pips above the current position; the third target is at 1.77052- 23 pips above the current position; the fourth target is at 1.78491 – 165 pips above the current position; the fifth target is at 1.81169 – 429 pips above the current position. The rsi and cmo are below the sell zone and appears to be heading up to enter the sell 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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