8 Nov 2013
GBP/AUD at 23.6% Fibo level; upside potential to 1.7050 monthly highs
FXstreet.com (Chicago) - GBP/AUD continues strong despite retracement from the 1.7050 peaks reached yesterday after the release of worse than expected job market results in Australia combined with the BoE decision to maintain interest rates at 0.5%.
GBP/AUD Technical Levels
Price action reveals the pair stalls around the 23.6% Fibonacci levels (1.6870/1.7057) after retracing from the 1.7050 zone on Thursday’s session. Around monthly highs, primary, secondary and short-term trends support the pair’s rally. Offered at 1.7023, the pair navigates between the supports aligned at 1.6993 (October 31st highs), 1.6941 (October 29th highs) followed by 1.6890 (October 28th highs) and the resistances set at 1.7057 (September 27th lows), 1.71 (October 7th highs) ahead of 1.7186 (October 1st lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
GBP/AUD Technical Levels
Price action reveals the pair stalls around the 23.6% Fibonacci levels (1.6870/1.7057) after retracing from the 1.7050 zone on Thursday’s session. Around monthly highs, primary, secondary and short-term trends support the pair’s rally. Offered at 1.7023, the pair navigates between the supports aligned at 1.6993 (October 31st highs), 1.6941 (October 29th highs) followed by 1.6890 (October 28th highs) and the resistances set at 1.7057 (September 27th lows), 1.71 (October 7th highs) ahead of 1.7186 (October 1st lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.