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GBP/AUD rejected at 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The fresh selling in the cable, ensured the GBP/AUD cross was rejected at its 50-DMA located at 2.1512.

    AUD the weakest currency

    The Aussie is the weakest major currency so far. The currency plunged across the board today after the after softer-than-expected inflation intensified the chances of a third rate cut this year by the Reserve Bank of Australia.

    The fall was enough to overshadow the moderate weakness in the GBP/USD pair and thus pushed the GBP/AUD cross to a high of 2.1519, before offers pushed it back to 2.1427 levels.

    GBP/AUD Technical Levels

    The immediate resistance is located at 2.1512 (50-DMA), above which the cross could extend the gains to 2.1733 (Oct 2 high). On the other side, support is seen at 2.14, under which the pair could drop to 2.1278 (hourly 200-MA).
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