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    Technical analysis of GBP/AUD for June 02, 2015

    The RBA is expected to hold the interest rates firm. Ahead of the major event, AUD is trading higher against crosses like Euro and GBP.

    We can observe divergence between EUR/AUD and GBP/AUD. The AUD remains bearish against the pound, whereas bullish against the euro. The GBP/AUD cross printed a new high at 2.0051 in May. Now, the cross is unable to breach May's highs. The cross has been forming long spike for 2 days. Today, ahead of major events, AUD is trading higher 1.9933 against GBP at the Asian session compared to 1.9980 Monday's close. The intraday support finds at 1.9900 and 1.9870. Safe selling will emerge below 1.9860 with targets at 1.9820 and 1.9785. We can observe negative divergence in the four-hour chart. Until the pair is below 2.0051 on the down side, the level of 1.9730 is projected in a day or two. Intraday resistance is seen at 1.9965. Risky buying is advised above 1.9970, safe buying is seen at 2.0000 with targets at 2.0020, 2.0050, and 2.0075. Another strong fresh upside leg is available above 2.0075 towards 2.0350 and 2.0500.

     

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