GBPAUD Weekly/Daily/4hr

The (GBPAUD) is extending an upchannel (on the 4hr and daily chart), appearing to have a bit more upside going into the weekend before its weekly chart Bull Flag begins consolidating again.  With the GBPAUD having formed a fresh 2023 high yesterday, any healthy profittaking going into next week will likely find initial support at the psychologically key 1.85 whole figure level.  A retest of the 2022 high will probably have to wait until at least May though with the GBPAUD potentially forming a 2nd data point on a downchannel resistance line connecting from the March 2020 high and parallel to the downtrend support line connecting the 2020 and 2022 lows (as can be seen easier on a monthly chart on tradingview.com).  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 rallying or consolidating recent gains.  I am looking to go 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 USDCAD, GOLD

Join the world's largest asset manager and 2 of the world's 5 largest (and 5 of the 10 largest) hedge funds by AUM as daily readers of Tradable Patterns' technical analysis. As seen on Bloomberg, Refinitiv, Factset and Interactive Brokers, readers include global top 10 investment banks. If you represent an institutional investor or potential distribution partner, write to info@tradablepatterns.com to request Bloomberg, Refinitiv and Factset readership reports. Also seen on FT (Financial Times), Interactive Brokers, ICE, Amazon, Zerohedge, CNA, Liquid (Quoine), Tradable Patterns publishes 3 newsletters: Today's Top 3 Trades, Coffee Daily and Crypto Weekly Outlook.

Today's Top 3 Trades, Coffee Daily, Crypto Weekly Outlook and all other Tradable Patterns content do not constitute an advisory and do not make recommendations but can supplement your own analysis. Please do your own due diligence ahead of any trades.