The GBPAUD is in the advanced stages of consolidating within an upchannel (on the daily chart). Significantly, the GBPAUD is forming a weekly Doji, digesting the break above triangle resistance (on the weekly chart). A weekly close above the 61.8% Fib retrace of the August to November slide would dramatically increase odds for a retest of the 2021 high by early next year. Any deeper consolidation the balance of this week is unlikely to result in the GBPAUD retesting last week’s low. Congratulations to readers alerted to the near complete major bottoming Jun 14th and who benefited. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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