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Technical analysis of GBP/AUD for June 03, 2015

The cross extends falling for a third consecutive day. The aussie dominated against GBP and EUR. At today's Asian session, the Australian GDP data hits the wires. Readings for GDP q/q ignite fresh bull power across GBP, EUR, NZD, and USD at the Asian session. In seasonally adjusted terms, GDP increased by 0.9% in first three months led by mining, information media, and telecommunications.

Technical analysis: At yesterday's session, we forecasted that the cross is likely to test 1.9730 in a day or two. But the cross hit a low at 1.9716 on Tuesday. We recommended selling below 1.9860. Today, after the GDP data release, the cross extends its fall below 20Dsma. The cross is trading at 1.9661 compared to Tuesday's closing price of 1.9736. The intraday support is found at 1.9630 and 1.9600. We recommend fresh selling only below 1.9600 with targets at 1.9520 and 1.9465. Intraday resistance is seen at 1.9706 and 1.9740. The cross aims at a lower low in the four-hour chart. Safe buying is available only above 1.9760 with targets at 1.9830 and 1.9860.

 

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