Asset Classes

Free investment financial education

Language

Multilingual content from IBKR

Close Navigation
Learn more about IBKR accounts
GBPAUD Weekly Chart Bull Flag Extends to Fresh 2023 High

GBPAUD Weekly Chart Bull Flag Extends to Fresh 2023 High

Posted April 6, 2023 at 3:21 am
Darren Chu
Tradable Patterns

The GBPAUD is extending an upchannel (on the 4hr and daily chart), appearing to have a bit more upside going into the weekend before its weekly chart Bull Flag begins consolidating again.  With the GBPAUD having formed a fresh 2023 high yesterday, any healthy profittaking going into next week will likely find initial support at the psychologically key 1.85 whole figure level.  A retest of the 2022 high will probably have to wait until at least May though with the GBPAUD potentially forming a 2nd data point on a downchannel resistance line connecting from the March 2020 high and parallel to the downtrend support line connecting the 2020 and 2022 lows .  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 and daily RSI, Stochastics and MACD are rallying or consolidating recent gains.  I am looking to go 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 USDCAD, GOLD

Source: Interactive Brokers TWS
Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.

IBKR Campus Newsletters

This website uses cookies to collect usage information in order to offer a better browsing experience. By browsing this site or by clicking on the "ACCEPT COOKIES" button you accept our Cookie Policy.