GBP/AUD 1.82000 zone high resistance, analysis for May 17
Looking at the GBP/AUD pair on the daily time frame, we can do the following technical analysis. We will first analyze moving averages. For the first time since May last year, we were above the moving averages of the MA200 and EMA200 and to hold above, after that a couple of years failed to repeat the same. Candlesticks form a potential FLAG pattern and based on that. We can expect the continuation of this minor bullish trend. As a resistance, we look at 23.6% Fibonacci level at 1.82200. If a break occurs above, then the door opens for us to visit the previous high at 1.85000 and reach the next Fibonacci level at 38.2% at 1.87250. Looking at the MACD indicator, we see that we are in a bullish signal, and we can expect this in the continuation of the period.
For the GBP/AUD currency pair, we can single out the following economic news and political statements:
Labor market research in the UK has identified a significant shortage of workers. Many workers have given up looking for catering and retail jobs in favor of safer work after three blockades in the past year. There are far fewer foreign workers seeking employment in the UK, and overseas interest in jobs in the UK has more than halved since before the pandemic, hitting the industry hard. This time about production, more through Reuters, refers to a survey by the Southwest Production Advisory Service (SVMAS) and the Production Growth Program. 48% of small and medium-sized producers expected to meet or exceed their position before COVID in the next three months. SME manufacturers certainly feel confident about the future, but there will still be many challenges to be overcome, not just the availability and delivery times of materials, said Martin Coats, CEO of MGP.
58% of companies surveyed said they plan to raise investment in the next six months, while 54% intend to hire more staff. A survey of just under 300 companies was conducted between April 12 and April 23.
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