GBP/AUD is attempting break above crucial 200-DMA resistance currently at 1.6710.
Price action is holding above daily cloud and momentum studies are bullish.
We have evidenced a bullish RSI divergence on daily charts.
Decisive break above could see price action extend upto 1.69 (23.6% Fib retrace of 2.0530 to 1.5789 fall) and then 1.70 levels.
On the flipside, we see bullish invalidation on close below 20-DMA.
Support levels - 1.6578 (5-DMA), 1.6461 (20-DMA), 1.6291 (50-DMA)
Resistance levels - 1.6710 (200-DMA), 1.6722 (Apr 12 high), 1.6908 (23.6% Fib retrace of 2.0530 to 1.5789 fall)
Good to go long on breakout above 200-DMA at 1.6710, SL: 1.6575, TP: 1.69/ 1.70/ 1.7175
Price action is holding above daily cloud and momentum studies are bullish.
We have evidenced a bullish RSI divergence on daily charts.
Decisive break above could see price action extend upto 1.69 (23.6% Fib retrace of 2.0530 to 1.5789 fall) and then 1.70 levels.
On the flipside, we see bullish invalidation on close below 20-DMA.
Support levels - 1.6578 (5-DMA), 1.6461 (20-DMA), 1.6291 (50-DMA)
Resistance levels - 1.6710 (200-DMA), 1.6722 (Apr 12 high), 1.6908 (23.6% Fib retrace of 2.0530 to 1.5789 fall)
Good to go long on breakout above 200-DMA at 1.6710, SL: 1.6575, TP: 1.69/ 1.70/ 1.7175
Upside finds major trendline resistance at 1.7070, break above to see further upside traction.