GBPAUD Weekly Hammer Forming Following 3 Weeks of Consolidation
Darren Chu, CFA of Tradable Patterns - - Wed Jul 11, 11:58AM CDT

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The GBPAUD has rebounded roughly 100 pips today, and is just shy of the upper end of these past 4 weeks of consolidation. The bigger picture is of GBPAUD continuing an ascending wedge/upchannel (on the weekly chart) after bouncing off its support Tuesday. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for early next week. 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 set my stops tighter).

GBPAUD Weekly/Daily/4hr

GBPAUD Technical Analysis

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