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20 Aug 2013
GBP/AUD pressing against 1.72, maintains 3-yr altitudes
FXstreet.com (Chicago) - GBP/AUD peaked to 1.7180 earlier in the day but retraced 30 pips in the afternoon of the American trading session. The pair remains navigating around 3-year altitudes as it has consolidated throughout August. Later last week, the price was limited to the 1.7130 zone, pulverized by today’s performance.
Technically speaking, the pair seems to sustain gains as it continues trading above 1.70 zone after an impressive rally that started earlier Monday morning in Asia. The Aussie trades in weak spirits compared to other majors as it declined over 100 pips overnight a few hours ahead of the RBA meeting’s minutes to be released at 1:30 GMT. On the contrary, the pound has strengthened across the board .The RBA meeting is to be held next September 3rd in Australia.
At 1.7157, the pair is offered between supports at 1.7135 (August 2nd lows), 1.7100 (August 10th highs) and 1.7060 (August 5th lows) along with resistances at 1.7192 (August 9th highs), 1.7270 (August 5th highs) followed by 1.7343 (August 8th highs). According to the FXstreet.com trend index the pair is slightly bullish on one-hour timeframe analysis with a price trading above the EMA20.
Technically speaking, the pair seems to sustain gains as it continues trading above 1.70 zone after an impressive rally that started earlier Monday morning in Asia. The Aussie trades in weak spirits compared to other majors as it declined over 100 pips overnight a few hours ahead of the RBA meeting’s minutes to be released at 1:30 GMT. On the contrary, the pound has strengthened across the board .The RBA meeting is to be held next September 3rd in Australia.
At 1.7157, the pair is offered between supports at 1.7135 (August 2nd lows), 1.7100 (August 10th highs) and 1.7060 (August 5th lows) along with resistances at 1.7192 (August 9th highs), 1.7270 (August 5th highs) followed by 1.7343 (August 8th highs). According to the FXstreet.com trend index the pair is slightly bullish on one-hour timeframe analysis with a price trading above the EMA20.