At today's Asian session, Australia Westpac consumer confidence index hits the wires. The consumer confidence data fell sharply. The report showed the index dropped back to 95.3 (6.9% fall). After the data release, AUD fell sharply against EUR and GBP. The GBP/AUD cross has been moving upwards for 5 weeks. Last week, the cross finally managed to close above the previous high of 2.0022 (February 2015). Ahead of the BOE governor Carney's speech, the cross is trading on a verge of a break on the higher side. In case the cross closes above 2.0065, bulls will aim at 2.0300.
Intraday support is found at 1.9970 and 1.9945. Bulls' last hope remains at 1.9900. The selling opportunity is seen below 1.9970 with small targets at 1.9940 and 1.9910. The selling accelerates below 1.9900 aiming at 1.9850 and 1.9830. A daily close below 1.9830 leads to 1.9700 and 1.9620. We remain bullish with sl 1.9600 on a positional basis and 1.9900 sl on ian ntraday basis. Intraday resistance is seen at 2.0050 and 2.0065. If bulls manage to taken off these level, they will immediately aim at 2.0100. In case bulls are unable to close above 2.0065 today, bears will take the control aiming at 1.9830 and even 1.9700.
To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com
The material has been provided by InstaForex Company - www.instaforex.com