GBP/AUD looks heavy. Ahead of a meeting between Donald Trump and Xi Jinping in Beijing on Thursday that’s likely to deliver plenty of optimistic headlines, and with political chaos in the UK unlikely to be resolved anytime soon, downside risks appear elevated.
A break and close beneath the March 11 low of 1.8696 would generate a decent short setup, allowing positions to be established on the break with a tight stop above for protection. A series of former swing lows at 1.8589 or 1.8500 screen as potential targets, depending on desired risk-reward.
The oscillators favour a bearish bias with RSI (14) trending lower beneath 50 while MACD has delivered a bearish crossover, confirming downside momentum is strengthening.
Of course, the option remains to initiate longs should the price continue to hold above 1.8696, targeting 1.8828 or 1.8950, but bullish setups are not favoured given the technical and fundamental backdrop.
Good luck!
DS
A break and close beneath the March 11 low of 1.8696 would generate a decent short setup, allowing positions to be established on the break with a tight stop above for protection. A series of former swing lows at 1.8589 or 1.8500 screen as potential targets, depending on desired risk-reward.
The oscillators favour a bearish bias with RSI (14) trending lower beneath 50 while MACD has delivered a bearish crossover, confirming downside momentum is strengthening.
Of course, the option remains to initiate longs should the price continue to hold above 1.8696, targeting 1.8828 or 1.8950, but bullish setups are not favoured given the technical and fundamental backdrop.
Good luck!
DS
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