GBP/AUD hits 7-month highs, long close above 200W SMA
GBP/AUD breaks above 200W SMA, hits 7-month highs at 1..8485, bias higher.
GBP buoyed as Brexit negotiations appear to be back on track after May's successful speech at the Conservative Party conference.
Reports suggest Theresa May is inching towards a compromise on the Irish border issue and bulls are looking for this to finally break the deadlock.
The pound could rally on any positive development on Brexit, while on the other side, the Australian dollar remains in a strong bear grip.
Technical indicators on daily charts have turned bullish. The pair is on track to complete a "Three White Solders" pattern which adds to upside bias.
RSI and Stochs are biased north. Bollinger Bands on daily charts are widening.
Upside has broken stiff resistance at 200W SMA and close above will propel the pair higher.
Watch out for decisive break above 200W SMA to go long, SL: 1.7830, target 1.8684/ 1.9080.
GBP buoyed as Brexit negotiations appear to be back on track after May's successful speech at the Conservative Party conference.
Reports suggest Theresa May is inching towards a compromise on the Irish border issue and bulls are looking for this to finally break the deadlock.
The pound could rally on any positive development on Brexit, while on the other side, the Australian dollar remains in a strong bear grip.
Technical indicators on daily charts have turned bullish. The pair is on track to complete a "Three White Solders" pattern which adds to upside bias.
RSI and Stochs are biased north. Bollinger Bands on daily charts are widening.
Upside has broken stiff resistance at 200W SMA and close above will propel the pair higher.
Watch out for decisive break above 200W SMA to go long, SL: 1.7830, target 1.8684/ 1.9080.