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17 Sep 2013
GBP/AUD in a consolidation phase after RBA minutes
FXstreet.com (Athens)- The GBP/AUD is consolidating above 1.7060 area and probably this consolidation will set to extend further into FOMC minutes.
RBA “data driven, a cut is not imminent” and GBP/AUD breaks the 1.7100
The pair moved highly upwards after the release of the RBA minutes which revealed that “further rate cuts are not off the table, though a cut is not imminent.” What’s more, RBA mentioned that “that despite the drop in the exchange rate, the Australian dollar is still high," as well as that “RBA Minutes of September 3 policy meeting suggest low rates and the drop in the Australian dollar present 'substantial' policy stimulus.” Needless to say, while the traders should not be taken aback by further consolidation of the pair above the current levels, today is a very crucial day as we are ahead of UK CPI which might place the pound under correction.
Technical Analysis and Strategic Bias on GBP/AUD
The pair is trading near 1.7100 area and since it is in a consolidation phase that will set to extend into FOMC minutes, investors should take upon deep consideration the high as of 1.7113, which the pair touched earlier post RBA. The FXstreet.com Trend Index shows the pair to be slighty bearish in the 15 minutes timeframe. Daily pivot point support can be found at 1.6940, 1.6900, 1.6856 and resistance at 1.7092, 1.7135 and 1.7178, respectively.
RBA “data driven, a cut is not imminent” and GBP/AUD breaks the 1.7100
The pair moved highly upwards after the release of the RBA minutes which revealed that “further rate cuts are not off the table, though a cut is not imminent.” What’s more, RBA mentioned that “that despite the drop in the exchange rate, the Australian dollar is still high," as well as that “RBA Minutes of September 3 policy meeting suggest low rates and the drop in the Australian dollar present 'substantial' policy stimulus.” Needless to say, while the traders should not be taken aback by further consolidation of the pair above the current levels, today is a very crucial day as we are ahead of UK CPI which might place the pound under correction.
Technical Analysis and Strategic Bias on GBP/AUD
The pair is trading near 1.7100 area and since it is in a consolidation phase that will set to extend into FOMC minutes, investors should take upon deep consideration the high as of 1.7113, which the pair touched earlier post RBA. The FXstreet.com Trend Index shows the pair to be slighty bearish in the 15 minutes timeframe. Daily pivot point support can be found at 1.6940, 1.6900, 1.6856 and resistance at 1.7092, 1.7135 and 1.7178, respectively.