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Technical analysis and trading recommendations on GBP/AUD for May 06, 2015

The cross is extending losses after the RBA cut the interest rate to 2.00%. During today's Asian session, the Australian retail sales was released. The retail sales rose 0.3% in March 2015. This follows a rise of 0.4% in February 2015 and a rise of 0.4% in January 2015. In volume terms, the trend estimate for Australia's turnover rose 0.7% in Q1 2015. The RBA kept the interest rate down to encourage demand. Ahead of the UK's election tomorrow, the pound is trading higher against the USD and lower against CAD & AUD. The cross broke and closed below a 6-month ascending trend line. The cross has parallel support at 1.9097 which is April 28th low and 1.9030 which is April 10, 2014 low respectively. The selling pressure will be doubled below 1.0900 with an immediate target at 1.8910 and 1.8870. Strong support is seen at 1.8827 previous swing low, 200Dsma is found at 1.08730 and 50Wsma is found at 1.8630. We recommend selling below 1.9090 with an immediate target at 1.9030. Below 1.9030, the real panic ignites towards 1.8910 and 1.8870. Until the pair closes below 1.9265, use every rise to sell.

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