The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
GBP/AUD: bearish reversal
2020-04-28 • Updated
GBP/AUD has breached the support line from August 2019. What is happening at the chart looks like a pretty big change. The bullish trend is reversing down. On Thursday, the pair closed below the 100-day MA at 1.9450 and this level will act as resistance. The further resistance levels lie at 1.9600 and 1.9750. The next target on the downside is a 1.9215 (50% Fibonacci retracement of the 2019-2020 advance).
Trade idea for GBP/AUD
SELL 1.9320; TP 1.9220; SL 1.9350
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