FXstreet.com (San Francisco) - Taking a look at GBP/AUD daily, the Fibonacci resistance level at 1.4993 (50%, 1.5287/1.4704 decline) remains well defended by bears, a level that had been tested over the last couple of days.
The cross printed 2-week highs as it traded an intraday range between 1.4918 and 1.5007 overnight, and, so far this Friday in Asia, price holds a bid tone as it aims north back toward the mentioned resistance, last at 1.4972 vs. 1.4950 at the NA close.
As GBP/AUD continues to operate above the 21-day EMA and above the 21 EMA on the 4-hour time frame chart, and as the RSI on Weekly and Daily chart aim higher with room to run, the path of least resistance may lie to the upside as bulls muster a comeback.
The cross printed 2-week highs as it traded an intraday range between 1.4918 and 1.5007 overnight, and, so far this Friday in Asia, price holds a bid tone as it aims north back toward the mentioned resistance, last at 1.4972 vs. 1.4950 at the NA close.
As GBP/AUD continues to operate above the 21-day EMA and above the 21 EMA on the 4-hour time frame chart, and as the RSI on Weekly and Daily chart aim higher with room to run, the path of least resistance may lie to the upside as bulls muster a comeback.
