GBPAUD: Must holds 1.7600 to witness further up move
This week AUDUSD, GBPAUD, and GBPUSD will react to the upcoming Central bank meeting, especially GBPAUD. We expect both the banks keep the interest rates steady. Given the recent Central Banks dovish turn the Fed and ECB, we focus more on RBA’s language.
The cross has been consolidating in a tight range between 1.8510-1.7610. Ahead of the RBA and BOE monetary policy meetings, we expect the price action unlikely to change the range in the near term, but at the higher time frame, the downside prevails as long as 1.1825 is resistance (weekly basis). While the conviction factor is very low at the moment.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-global-economic-calendar-feb-04-08-chart-of-the-week-gbpaud/
For a trading purpose, a move above 1.8110 needed to rally further towards 1.8190/1.8220 and 1.8290. Furthermore, a daily close above 1.8300 could offer further upside towards 1.8440 and 1.8500.
For bears, a downside break below 1.7850 could pave all the way to 1.7750 and 1.7620 initially and followed by 1.7500.
The cross has been consolidating in a tight range between 1.8510-1.7610. Ahead of the RBA and BOE monetary policy meetings, we expect the price action unlikely to change the range in the near term, but at the higher time frame, the downside prevails as long as 1.1825 is resistance (weekly basis). While the conviction factor is very low at the moment.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-global-economic-calendar-feb-04-08-chart-of-the-week-gbpaud/
For a trading purpose, a move above 1.8110 needed to rally further towards 1.8190/1.8220 and 1.8290. Furthermore, a daily close above 1.8300 could offer further upside towards 1.8440 and 1.8500.
For bears, a downside break below 1.7850 could pave all the way to 1.7750 and 1.7620 initially and followed by 1.7500.
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Near term: Must holds 1.7600 to witness further up move
Medium term: 1.8525-1.8620 is major resistance zone, above this 1.9000 and 1.9180 are the targets