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26 Jun 2013
GBP/AUD stalling from fastest 2-month run up in 5 years
FXstreet.com (Barcelona) - The GBP/AUD managed to react from 20+ year lows printed in early April below the 1.44 level, with a massive rally in last 2 months on the back of combined extreme Aussie weakness, and mild Pound strength, lifting the cross to fresh almost 3-year highs at 1.6877, printed last Friday.
Current up trend might be stalling
According to IFR Markets the current firm trend might be starting to show sings of stalling, needing to maintain a daily close above the 1.6580 level in order to prove the trend is still strong, where the 10 DMA sits. The analysts add there are bids around the 1.66 mark while offers above 1.6780, with momentum indicators cresting. The cross is up +6.5% year to date, and +14.77% in last 3 months.
Key technical levels
Immediate support to the downside for GBP/AUD lies at double weekly lows 1.6608 printed both Monday and Tuesday, followed by June 18 highs at 1.6590, and June 19 lows at 1.6362. To the upside, closest resistance shows at Friday's lows 1.6677, followed by double weekly high at 1.6780 from Monday and Tuesday, and Friday's/Thursday's fresh almost 3-year highs at 1.6877.
Current up trend might be stalling
According to IFR Markets the current firm trend might be starting to show sings of stalling, needing to maintain a daily close above the 1.6580 level in order to prove the trend is still strong, where the 10 DMA sits. The analysts add there are bids around the 1.66 mark while offers above 1.6780, with momentum indicators cresting. The cross is up +6.5% year to date, and +14.77% in last 3 months.
Key technical levels
Immediate support to the downside for GBP/AUD lies at double weekly lows 1.6608 printed both Monday and Tuesday, followed by June 18 highs at 1.6590, and June 19 lows at 1.6362. To the upside, closest resistance shows at Friday's lows 1.6677, followed by double weekly high at 1.6780 from Monday and Tuesday, and Friday's/Thursday's fresh almost 3-year highs at 1.6877.