The (GBPAUD) is continuing its major bottoming effort since early April, and appears poised to retest the weekly chart downchannel/descending wedge resistance.  Any reclaiming of the April high will likely be followed in the few days after by a test of the 38.2% Fib retrace of the February-April slide and the psychologically key 1.80 whole figure level.  The weekly, daily and 4hr RSI, Stochastics and MACD are mostly 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 EURUSD, WHEAT

GBPAUD Weekly/Daily/4hr

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