The Aussie eases on Friday after hitting new high at 0.7904 on probe above key barriers at 0.7886 (Fibo 61.8% of 0.8124/0.7500) and 0.7897 (13 Oct lower high).
The pair came under pressure on downbeat China imports data (4.5% in Dec vs 13.0% f/c and 17.7% previous month).
The structure remains firmly bullish, favoring clear break above 0.7900 handle for extension towards 0.7977 (Fibo 76.4% of 0.8124/0.7500 descend) and test of psychological 0.8000 barrier in extension.
The pair is on track for the fifth straight bullish weekly close which is also positive signal.
Rising 10 SMA continues to track the advance and offers solid support at 0.7846 (support is reinforced by the top of thick 4-hr cloud, spanned between 0.7846 and 0.7792) which is expected to contain corrective dips.
Release of US CPI / retail sales data today would provide fresh direction signals.
Res: 0.7904; 0.7916; 0.7941; 0.7977
Sup: 0.7864; 0.7846; 0.7836; 0.7807
Interested in GBPUSD technicals? Check out the key levels
- R3 1.3672
- R2 1.3614
- R1 1.3575
- PP 1.3516
- S1 1.3477
- S2 1.3419
- S3 1.338
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.