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GBPAUD Consolidating Above 61.8% Fib Retrace of Feb-Sep Slide

GBPAUD Consolidating Above 61.8% Fib Retrace of Feb-Sep Slide

Posted December 15, 2022 at 5:21 am
Darren Chu
Tradable Patterns

The GBPAUD has been consolidating for a second week near or above the 61.8% Fib retrace of the February to September slide, and appears to be readying to break to a fresh December high.  Odds are moderately high for a test of the psychologically key 1.85 whole figure level by year end.  A bullish catalyst may arrive as early as today 7am EST with the UK’s MPC official bank rate votes, monetary policy summary and official bank rate, and possibly Friday with the UK’s Flash manufacturing and services PMI.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  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, daily and 4hr RSI, Stochastics and MACD are 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, NATURAL GAS

Source: Interactive Brokers TWS
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