GBPAUD (1H) - short term bearish bias
The Australian dollar is recouping its losses against most major currencies this morning, putting the seemingly over-stretched pound under pressure. The bearish RSI divergence signalled a deceleration in the uptrend, the price followed by breaking under the moving averages and the trend line. For more conservative participants, an upcoming bearish MA cross would add weight to the bearish argument. 1.8780 is the immediate support to keep the price afloat, failing that we could see a drop towards 1.86s.
Key support: 1.8780
Key resistance: 1.9000
The Australian dollar is recouping its losses against most major currencies this morning, putting the seemingly over-stretched pound under pressure. The bearish RSI divergence signalled a deceleration in the uptrend, the price followed by breaking under the moving averages and the trend line. For more conservative participants, an upcoming bearish MA cross would add weight to the bearish argument. 1.8780 is the immediate support to keep the price afloat, failing that we could see a drop towards 1.86s.
Key support: 1.8780
Key resistance: 1.9000