GBP/AUD: LONG Position Established @1.9915


[B]GbpAud:[/B] After breaking to 12 year lows by 1.9700 in early May below the critical psychological barriers at 2.00, the market underwent a decent sized correction back above the 2 handle to 2.0600 in late May before finally pulling back once again over the past several days. However, we do not see and real potential for the cross rate to sustain itself below 2, and with the latest pullback stalling out by the 78.6% fib retracement off of the 1.9700-2.0600 move, this sets up a very playable and compelling counter-trend opportunity. Additionally, with shorter-term studies also showing the daily ATR (Average True Range) already exceeded, and with the hourly RSI well below the oversold 30 level, any risk for additional setbacks intraday are also limited. We have cued off of a 30 minute reversal to establish the position. [B]Position: LONG @1.9915 FOR AN OPEN OBJECTIVE, STOP @1.9680.


[B]Written by Joel Kruger, Technical Currency Strategist for
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