FxWirePro: GBP/AUD heads deeper into bear territory, bears plotting path toward 1.8250
Source: FxWire Pro - Technicals / 01 Jun 2020 14:54:06 America/New_York
• GBP/AUD declined on Monday as optimism over economies opening up again boosted demand for riskier currencies like Australian dollar.
• The is pair heading towards the lower bollinger band, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 26, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.8537 (9 DMA ), any close above will push the pair towards 1.8665 (23.6% fib).
• Strong support is seen at 1.8336 (Daily low) and break below could take the pair towards 1.8259 (Lower BB).
Recommendation: Good to sell on around 1.8380, with stop loss of 1.8650 and target price of 1.9250© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.