Chart Of The Day: GBPAUD Struggles With 50-day SMA To Extend Latest Recovery

Tue, 12 Sep 2017 07:04

Following its successful bounce from 1.6160-80 horizontal support-zone, the GBPAUD managed to extend its recovery and recently cleared a fifteen-week long descending trend-line. However, the pair is struggling with the 50-day SMA level of 1.6460 at the moment in order to meet 1.6570 and the 1.6600 resistances. Given the pair's sustained trading beyond 1.6600, the 1.6680, the 1.6720 and the 1.6800 could please buyers.

In case if the quote fails to surpass 50-day SMA at a day's close, the 1.6370, the 1.6310 and the 1.6230 might offer intermediate halts during its pullback before reigniting the importance of 1.6160-80 support-area. Should there be additional downside pressure after 1.6160, the 1.6100 and the 1.6020 could appear on the chart prior to pushing Bears to demand 1.6000 psychological magnet.

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