- Analytics
- News and Tools
- Market News
- GBP/AUD: Further declines will not go unchecked – DBS Bank
GBP/AUD: Further declines will not go unchecked – DBS Bank
GBP/AUD has cratered from its late September 1.8961 highs. But any onward decline runs into a layer of robust support broadly in the 1.8304-1.8235 patch, Benjamin Wong, Strategists at DBS Bank, reports.
Prior overbought indicators are waning
“The bearish divergences spotted on the technical indicators oiled the decline. However, the same set of indicators are now hinting of a likely turnaround in the cross’ fortunes.”
“The 200-DMA at 1.8304 lurks just below recent 1.8417 lows, and in its proximity also rests the support offered by the 61.8% Fibonacci retracement of the 1.9154-1.7741 range grip that calibrates 1.8281. Both of these levels are buffered by 50-week and 200-week moving averages at 1.8235 and 1.8282, respectively. Hence, there is a layer of support coming into the 1.8304-1.8235 zone.”
“A further decline is also likely to be tempered by the congestion zone we saw going through in June. That approximates and has barricaded a 1.82-1.85 support range, but of interest to us is where it runs into the trend support arising from 1.7417 lows. That axes 1.8330, while itself the trendline support is in a cradle position with 200-dma at 1.8304.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
