FX_IDC:GBPAUD   British Pound / Australian Dollar
Falling wedge with 6 hits (currently).

Looking for a 7th hit and will be watching closely for a breakout on the 8th. The length of this wedge suggest to me that there could be a strong breakout.

Comment: Point 7 just about hit, hoping now for a movement to point 8
Comment: We have a market touch at point 8 on the resistance line, should see over the next several days whether we get a break or a trend continuation.
Comment: Could even have seen a hit at point 8, possible could be seeing a consolidation before a break above or maybe even a move down to point 9.
Comment: Close to a touch on point 9.
Order cancelled: Shame because this was an amazing wedge.
I like the idea. I only did use another "five count": Your No. 7 is in my eyes the "e" of the corrective wave C. The Wave C could be an "Ending Diagonal".
+1 Reply
olly_price pete_hef
Thanks pete
olly_price olly_price
Just touched point 8, watch this over the next few days, could be a strong break out.
olly_price pete_hef
Just touched point 8, watch this over the next few days, could be a strong break out.

+1 Reply
I am hoping for a recovery in GBP/AUD also....so lets hope you are right....best of luck.
+1 Reply
olly_price BoSelecta
Well there seems to be no end of poor manufacturing data from China, and the AUD moves with Chinese economic data. Yes, the UK has been getting almost no positive signs recently but a lot of people are hoping for a turnaround on that front so fingers crossed.
Assuming of course the bears don't stay in control and push this through the support and into the abyss......GBP isnt exactly a favoured currency at the moment and internal fundamentals in Oz have been encouraging over the last months.
olly_price BoSelecta
Yeh that's fair enough, still about a month or so until I will be interested and I have come to learn that a surprising amount can happen in a month.
So you dont think this wedge will break out on the 10th or the 12? Why the 8th?
olly_price GoldBowtie
Well I guess what I meant was, 8th, 10th etc. I'm just testing various patterns without real money though, so will be looking at a variety of other factors coming into play in each wedge I look at.
+1 Reply
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