The (GBPAUD) is breaking out of the bottoming formation that began early week, and is suddenly back to near the psychologically key 1.75 whole figure level.  A higher June low versus the May low would strongly reinforce the major bottoming effort since early April.  Odds are moderate for a retest of the April / May high in June, which if reclaimed, dramatically increases the likelihood of testing the 38.2% Fib retrace of the February-April slide and the psychologically key 1.80 whole figure level in the week after.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  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, NATURAL GAS

GBPAUD Weekly/Daily/4hr

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