The cross has been making higher highs and higher lows in the daily chart. The cross has been struggling to close above 50dsma for 4 consecutive days. Today, at the Asian session, the cross was rejected at 50Dsma again. After the speech of RBA governor Stevens, AUD was trading higher against GBP, USD, and EUR. On a monthly basis, the cross made a double top at 1.9760. The upside seems to be capped. Ahead of the UK general election on the May 07, we expect the pound to be depressed. At yesterday's session, the cross managed to held the 20Wsma 1.9290. The double bottom was formed between 1.9040 and 1.9030. We recommend fresh selling below 1.9290 with targets at 1.9250 and 1.9170 initially and at 1.9100 and 1.9030 later. We can observe a couple of double tops in the daily chart. The near term was capped at 1.9650 and the weekly trend was capped at 1.9460. In all the time frames, selling is preferable in the near and medium terms.
