The GBPAUD is consolidating for a 6th straight day going into today’s European morning, hovering just below ascending triangle resistance (on the 4hr chart). Significantly, GBPAUD has been testing triangle resistance (on the daily and weekly chart), with odds high for a test of the 50% Fib retrace of the August to November slide by month end. Any reclaiming of the 2021 high will likely have to wait until Q1 sometime. For the balance of this week, the trading range will be relatively tight given today’s US Thanksgiving holiday. 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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