Elliott Wave Analysis: GBP/AUD Trading In 5-Wave Impulse

Published 10/26/2017, 05:31 AM
Updated 07/09/2023, 06:31 AM
GBP/AUD
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Good day traders! On Thursday let's look at GBP/AUD and its rally.

GBP/AUD is trading nicely bullish, away from 1.6680 region, where wave C had ended. We now see three-waves up an running with the third wave trading near completion. Maybe wave 3 has already found a top and now a new three-wave reversal will follow into the following wave 4, with potential support coming in at Fibonacci ratio of 38.2 and the lower channel line.
Once the mentioned wave 4 unfolds, a new and final push higher into wave 5 can come in play with Fibonacci projection ratio of 138.2.

GBP/AUD, 1H
GBP/AUD Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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