GBPAUD Approaching Support; Be aware of Bull Turn
Hello traders,
GBPAUD continued lower from latest 1.84 high, and is now trading close to potential support at 1.806 level, provided form a former swing high. Also fib. ratios of 50.0 and 61.8 (1.806/1.80 level) can react as support, and push price into a higher degree wave c. That said, once sub-wave c) or y) of b fully develop, and we see a rally in impulsive fashion, that is when correction as b may be completed, and wave c underway.
Trade well,
the EW-forecast team
GBPAUD continued lower from latest 1.84 high, and is now trading close to potential support at 1.806 level, provided form a former swing high. Also fib. ratios of 50.0 and 61.8 (1.806/1.80 level) can react as support, and push price into a higher degree wave c. That said, once sub-wave c) or y) of b fully develop, and we see a rally in impulsive fashion, that is when correction as b may be completed, and wave c underway.
Trade well,
the EW-forecast team
Comment:
GBPAUD looks to have completed its corrective wave 4 at 1.84 level, as price started sharply declining. Wave 5 now eyeing potential 1.73/1.72 area.