FXstreet.com (San Francisco) - After a brief pause in the market for the last week and a half, the downward tendencies in GBP/AUD were reignited Wednesday following a sharp break below ascending trend line support in the 1.5160 area (1.5067/1.5110 troughs).
Given the medium and long-term bearish trend bias, the recent push below mentioned support encouraged sellers and GBP/AUD has since fallen to a two-week low of 1.5087 this hour in early New Zealand, having lost 0.6% on the day.
Technically speaking, the 21 and 55-day EMAs continue to diverge and point lower, while Daily RSI at 34 provides downside room before being oversold. RSI on the 4-hour chart is at 32 and threatens to dip below the 30 mark, while, on the 1-hour chart, RSI at 28 is somewhat horizontal.
In the Asia-Pacific session ahead, if GBP/AUD continues to slide, immediate support lies at 1.5067 (5 July low), 1.5026 (14 Mar high) and 1.4962 (7 mar high). Should bulls regain the upside, the market could encounter selling interest at 1.5136 (21-hour EMA), then at trendline support-turned-resistance at the mentioned 1.5160/65 area.
Given the medium and long-term bearish trend bias, the recent push below mentioned support encouraged sellers and GBP/AUD has since fallen to a two-week low of 1.5087 this hour in early New Zealand, having lost 0.6% on the day.
Technically speaking, the 21 and 55-day EMAs continue to diverge and point lower, while Daily RSI at 34 provides downside room before being oversold. RSI on the 4-hour chart is at 32 and threatens to dip below the 30 mark, while, on the 1-hour chart, RSI at 28 is somewhat horizontal.
In the Asia-Pacific session ahead, if GBP/AUD continues to slide, immediate support lies at 1.5067 (5 July low), 1.5026 (14 Mar high) and 1.4962 (7 mar high). Should bulls regain the upside, the market could encounter selling interest at 1.5136 (21-hour EMA), then at trendline support-turned-resistance at the mentioned 1.5160/65 area.
