GBP_AUD (250 Pips)
The GBP/AUD pair has recently hit a high of 1.99742 and is retreating from resistance for the third time in 12 months. Here's a detailed analysis for the coming 3 days:
Fundamental Analysis
The GBP/AUD pair is influenced by several factors:
1. Economic Data: Upcoming US jobs data and Federal Reserve rate signals will likely impact both currencies.
2. Central Bank Policies: The Bank of England and Reserve Bank of Australia's monetary policies will play a crucial role in determining the pair's direction.
3. Global Risk Sentiment: As the AUD is considered a risk-sensitive currency, global economic conditions and risk appetite will affect its performance against the GBP.
Technical Analysis
The GBP/AUD pair is showing signs of potential bullish momentum, but faces significant resistance:
1. Resistance Levels: The pair is encountering strong resistance around the 2.00 level, having failed to break through this level for the third time in 12 months.
2. Support Levels: Key support levels to watch are 1.97580 (yesterday's low) and 1.96300.
3. Moving Averages: The pair is trading above its 200-day moving average, indicating a long-term bullish trend.
4. Momentum Indicators: The Relative Strength Index (RSI) and MACD are showing upward momentum, but may be approaching overbought territory.
Short-term Outlook (Next 3 Days)
1. Bearish Scenario: Failure to break the 2.00 level could lead to a pullback towards 1.97500 and possibly 1.96300.
2. Range-bound Trading: Given the recent rejection at resistance, the pair may consolidate between 1.97500 and 2.00000 in the short term.
Key Factors to Watch
1. US Non-Farm Payrolls: This data release could cause significant volatility in both GBP and AUD against the USD, indirectly affecting GBP/AUD.
2. Australian Economic Data: Any surprises in Australian economic indicators could impact the AUD's strength.
3. UK Political and Economic Developments: News related to UK economic performance or policy changes could influence GBP strength.
Traders should remain cautious and use appropriate risk management strategies, especially given the pair's recent approach to a significant resistance level. The outcome of the US jobs report and central bank communications in the coming days could provide clearer direction for this currency pair.
Fundamental Analysis
The GBP/AUD pair is influenced by several factors:
1. Economic Data: Upcoming US jobs data and Federal Reserve rate signals will likely impact both currencies.
2. Central Bank Policies: The Bank of England and Reserve Bank of Australia's monetary policies will play a crucial role in determining the pair's direction.
3. Global Risk Sentiment: As the AUD is considered a risk-sensitive currency, global economic conditions and risk appetite will affect its performance against the GBP.
Technical Analysis
The GBP/AUD pair is showing signs of potential bullish momentum, but faces significant resistance:
1. Resistance Levels: The pair is encountering strong resistance around the 2.00 level, having failed to break through this level for the third time in 12 months.
2. Support Levels: Key support levels to watch are 1.97580 (yesterday's low) and 1.96300.
3. Moving Averages: The pair is trading above its 200-day moving average, indicating a long-term bullish trend.
4. Momentum Indicators: The Relative Strength Index (RSI) and MACD are showing upward momentum, but may be approaching overbought territory.
Short-term Outlook (Next 3 Days)
1. Bearish Scenario: Failure to break the 2.00 level could lead to a pullback towards 1.97500 and possibly 1.96300.
2. Range-bound Trading: Given the recent rejection at resistance, the pair may consolidate between 1.97500 and 2.00000 in the short term.
Key Factors to Watch
1. US Non-Farm Payrolls: This data release could cause significant volatility in both GBP and AUD against the USD, indirectly affecting GBP/AUD.
2. Australian Economic Data: Any surprises in Australian economic indicators could impact the AUD's strength.
3. UK Political and Economic Developments: News related to UK economic performance or policy changes could influence GBP strength.
Traders should remain cautious and use appropriate risk management strategies, especially given the pair's recent approach to a significant resistance level. The outcome of the US jobs report and central bank communications in the coming days could provide clearer direction for this currency pair.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.