GBPAUD Weekly Gravestone Consolidates Below Key 1.8 Level
GBPAUD Weekly/Daily/4hr
The GBPAUD (GBPAUD) is trying to halt its healthy consolidation from the February high, trying to avoid the weekly Gravestone flipping red. Any holding of yesterday’s low today should pave the way for a retest by early next week of the 61.8% Fib retrace of the February to September slide. A break back above the psychologically key 1.80 whole figure level would dramatically increase the likelihood of reclaiming the December high in the few days after. Although the GBPAUD is looking bullish for March, it remains within a major downchannel since March 2020 (as can be seen easier on a monthly chart on tradingview.com). The escalation in the Ukraine-Russia conflict deserves close monitoring. Congratulations to paying subscribers who benefited from the Oct 4, 2022 analysis highlighting the high odds for a continued downtrend reversal going into year end. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am long as of today at 1.7811 although if I were flat, I’d look 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, VIX
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
