- May 20, 2024
- Posted by: capadmin
- Category: Market News
RSI and MACD Indicators Analysis
The GBP/AUD currency pair is currently influenced by several fundamental factors. The latest Rightmove House Price Index (HPI) for the UK showed an actual increase of 0.8%, indicating a healthy housing market. While this event has a low impact, it can still provide some support to the GBP as it suggests economic stability and potential investment attraction. Additionally, Bank of England Deputy Governor Ben Broadbent is scheduled to speak today. As a voting member of the Monetary Policy Committee (MPC), any hawkish comments from Broadbent regarding future monetary policy could bolster the GBP. However, given the low impact of these events, significant immediate effects on the GBP are not expected.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Technically, the GBP/AUD price prediction of H4 chart shows a bearish trend with the last five candles being red, indicating strong selling pressure. The GBP-AUD price is currently around 1.8958, just below the 0.236 Fibonacci retracement level at 1.8965. The RSI is at 44.38, suggesting there’s still room for more downside before hitting oversold conditions. The MACD shows the MACD line below the signal line, reinforcing the bearish outlook. Key support levels to watch are 1.8945 and 1.8900, while resistance levels are at 1.9003 and 1.9015. Overall, unless there is a significant bullish catalyst, the bearish momentum is likely to continue.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.