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Holding Above 20-Day EMA, Resistance Ahead Of £0.54

AUD

AUD/GBP broke and held above the 20-Day EMA in the aftermath of Tuesday's RBA meeting which had emerged as key resistance since the pair broke below the measure in February.

  • The pair is up ~2.5% after printing a cycle low in late May, however we remain down ~5% in 2023.
  • Resistance was seen ahead of £0.54 on Wednesday, bulls first target a break of the handle which opens the 200-Day EMA (£0.5410).
  • On the downside bears look to break the 20-Day EMA (£0.5321) to target low from 31 May at £0.5212.
  • The data calendars in both Australia and the UK are empty on Friday.
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