As seen on the one-hour chart, the GBP/AUD rally has lost steam since sellers topped at 1.81 earlier Monday, which prompted declines towards the 1.80 key support line. Sellers are attempting to tackle this barrier for the second time in the session which is more likely to result in triggering a new downward correction with emerging the 50-EMA on the horizon. If that is the case, prevailing selling pressure can push down the price to land at the 1.79839 mark. Breaking this obstacle will bring 1.79591 to the seller’s attention. In the event that this hurdle, also, fails to hold support, GBP/AUD may witness falling towards the low of December 2 at around 1.79316, which lines up with the 200-EMA.
Otherwise, should buyers take the lead again on a clue from the 1.80 psychological level, the pair can pare some losses towards 1.80754. Nevertheless, a decisive break of this barricade will be necessary for resuming the rally further.
Momentum oscillators imply a tepid picture in short term. RSI is crawling in the neutral zone, beneath the 50-level. Momentum is struggling to bounce off the 100-threshold. And MACD bars are still posting positive values although they are shrinking toward zero.
The content of this material and/or any information provided should in no way be construed, expressly or by implication, directly or indirectly, as advice, recommendation, or suggestion of an investment strategy in relation to a financial instrument and is not intended to provide a sufficient basis for making investment decisions in any way. Any information, views or opinions presented in this material have been obtained or derived from sources believed to be reliable, but Errante makes no warranty as to their accuracy or completeness. Errante accepts no liability for losses arising from the use of this data and information. The data and information contained herein are for background purposes only and make no claim to be complete or comprehensive.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.