GBPAUD Weekly/Daily/4hr

The (GBPAUD) appears to be in the advanced stages of consolidating near downchannel resistance (on the weekly chart).  Any break above triangle resistance (on the 4hr chart) today will dramatically increase odds in the few days after of reclaiming the 61.8% Fib retrace of the February to September slide followed by the psychologically key 1.80 whole figure level.  The next bullish catalyst could arrive as early as today with the UK’s autumn forecast statement.  Monitor as usual the escalation in the Ukraine-Russia conflict.  The weekly, daily and 4hr RSI, Stochastics and MACD are rallying, bottomish 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 GBPUSD, COCOA

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