The (GBPAUD) is trying to bounce off the psychologically key 1.70 whole figure level with odds rising for a test of the weekly chart downchannel resistance by the weekend.  Any weekly close above downchannel resistance (on the weekly chart) will dramatically increase odds of testing the daily chart downchannel resistance in the week after, and once again put a major bottom in play.  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).  Click here for analysis on EURUSD, WHEAT

GBPAUD Weekly/Daily/4hr

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