The (GBPAUD) is in the advanced stages of a major bottom that began in April with the effort underway to form a higher June low versus the May low.  Odds are high for the GBPAUD to break above the April / May high before month end, regardless of the near complete ascending wedge (on the 4hr chart).  Volatility can be expected Friday though following RBA governor Lowe’s comments likely resulting in a break below the 4hr chart ascending wedge support, with any dip back to the psychologically key 1.75 whole figure level to be brief.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying 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, ARABICA COFFEE

GBPAUD Weekly/Daily/4hr

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