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Technical Analysis – GBP/AUD surpasses SMAs

GBP/AUD 16/01/19 | EconAlerts

GBP/AUD surpasses SMAs, paring losses in the short-term.

GBP/AUD is advancing above the 20-simple moving average (SMA) today in the daily timeframe, approaching the 23.6% Fibonacci retracement level of the up-leg from 1.5725 to 1.8730, around 1.8015. The technical structure is not looking very positive at the moment with the MACD trying to post a bullish cross with its trigger line, while the RSI is rising higher above the threshold of 50.

If the price manages to edge higher and rise above the 23.6% Fibonacci mark of 1.8015, this could send the price until the 1.8150 resistance, taken from the highs on November 6. An upside penetration of this barrier could drive the market towards the 1.8540 resistance, registered on January 3.

However, in the case of a downward movement, the market could find support near the 40-SMA of 1.7710. Moving lower, the next supports are coming from 1.7610 and the 38.2% Fibonacci of 1.7575. Successful penetration of this level could increase downside pressures towards the 50.0% Fibonacci region of 1.7220.

Overall, the pair has been trading within an upside rally since October 2016, creating higher highs and higher lows during this period.


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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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