Back
31 Dec 2013
GBP/AUD pulling back following good Aussie credit data; 1.8729 remains resistance
FXstreet.com (Barcelona) - The GBP/AUD cross is pulling back short-term after Aussie Private Sector Credit data came out better-than-expected. Light trading is permitting the post-data move to continue unchallenged.
GBP/AUD traders will have to wait until Thursday for more data guidance
GBP/AUD traders will have plenty of data points to digest on Thursday and Friday, but they will be forced to rely on technicals and momentum (if any) for guidance until then. The data due out later in the week include:
• Thursday: Aussie Performance of Manufacturing Index; British Manufacturing PMI data
• Friday: British Consumer Credit; British Mortgage Approvals; British Lending Data; British Construction PMI.
Technical outlook for GBP/AUD
Technicians say the long-term upside target for GBP/AUD appears to be all the way up at 1.9670. Obviously, there will be lots of starts and stops on the way up to that target. The first resistance for the cross comes in at the Fibonacci projection of 1.8729. Support for GBP/AUD comes in at the 12/23 low of 1.8269 and is followed up by the 12/9 low of 1.7892.
GBP/AUD traders will have to wait until Thursday for more data guidance
GBP/AUD traders will have plenty of data points to digest on Thursday and Friday, but they will be forced to rely on technicals and momentum (if any) for guidance until then. The data due out later in the week include:
• Thursday: Aussie Performance of Manufacturing Index; British Manufacturing PMI data
• Friday: British Consumer Credit; British Mortgage Approvals; British Lending Data; British Construction PMI.
Technical outlook for GBP/AUD
Technicians say the long-term upside target for GBP/AUD appears to be all the way up at 1.9670. Obviously, there will be lots of starts and stops on the way up to that target. The first resistance for the cross comes in at the Fibonacci projection of 1.8729. Support for GBP/AUD comes in at the 12/23 low of 1.8269 and is followed up by the 12/9 low of 1.7892.