Nico.Muselle
Long

GBPAUD - the bunny continues it's journey

FX:GBPAUD   British Pound / Australian Dollar
424 3 6
My followers certainly remember this chart posted last week where I said that in general we were in an uptrend following the nice hops as shown on the chart. I also said that we were retracing downwards from the completion of a Cypher Pattern .

This retracement has now come to and end a little below the .618 of the previous move up and the Easter bunny now continues it's journey in the up direction. If you are not in this trade yet, look for a minimum . 382 retracement from the up move for bulls to be able to recharge. Next stop will be around the 2.0 even handle where price might put up a little fight to climb higher as it's a the level of the previous highs.
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Hey Nico,

Diggin' your charts! Have you revisited this pair since you published this idea? This is what I've come up with for the short term:
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slindstr slindstr
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I hope you are right, but to me this looks like there may be deeper retracement to come.

Price has retraced back up to the 0.382 fib level from the 2008-2013 decline and weekly MACD is showing some bearish divergence.

Price has also made a LH during a significant early retracement in this current 'hop' which was not seen in any of those previous 'hops'.

Latest employment data may be a catalyst.
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