Stalling negative momentum indicates a turnaround on GBPAUDGBPAUD - Intraday - We look to Buy at 1.7253 (stop at 1.7132)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A move lower faces tough support and we remain cautious on downside potential. Bespoke support is located at 1.7250. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 1.7596 and 1.7700
Resistance: 1.7600 / 1.7800 / 1.8200
Support: 1.7250 / 1.6800 / 1.6000
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