Gbp/aud Trade Idea

  • GBP/AUD has made a high of 2.14417 (29th Jul) and declined till 2.12944 (29th Jul low).It has formed a temporary bottom around 2.1290 and any further weakness can be seen only below that level.
  • Any break below 2.1290 will drag the pair further down till 2.1230/2.120 in short term.
  • The pair’s minor supports are 2.1365/2.1330.
  • On the higher side major resistance is at 2.1440 and any indicative break above would target 2.1500/2.1550.

It is good to buy at dips around 2.1380 with SL around 2.1300 for the TP of 2.1500/2.1550.

Resistance

R1- 2.144

R2-2.150

R3- 2.1550

Support

S1-2.1365

S2-2.1330

S3-2.1290 

The material has been provided by InstaForex Company – www.instaforex.com

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