GBPAUD Buying The Dips After Double Three Correction
|Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of GBPAUD published in members area of www.elliottwave-forecast.com. We’re going to explain the Elliott Wave forecast and our trading strategy.
As our members know , we were keep saying that GBPAUD is trading within larger bullish trend. The pair is showing incomplete bullish sequences in the cycle from October 2016 low, targeting 1.8144 area. Consequently , we advised our members to avoid selling it,and keep buying the dips in 3,7,11 swings when get chance.
Let’s take a look at the previous short term Elliott Wave forecasts.
GBPAUD 1 hour Asia update 12.05.2017
As we can see on the charts bellow, wave X red pull back is in progress. Proposed pull back is unfolding as Double Three structure ((w))((x))((y)), when we’re in ((y)) leg . As of right now the pair is showing 5 swings from the 1.79098 peak, suggesting more short term wekness in order to complete 7 swings structure. Although the pair is expected to trade lower in short term, we don’t recommend selling it against the main bullish trend. We’re looking for 1.75455-1.74857 area where we would like to be buyers. Invalidation for the long positon is break below 1.618 Fibonacci extension : 1.7388 level.
GBPAUD 1 hour New York update 12.05.2017
Shortly after we got proposed leg lower toward our buying zone. Short term sellers pull the price toward 1.236 Fibo extension at 1.74872 where buyers appeared. The price has made nice reaction from there. We’re calling pull back X red completed at 1.74872 low, expecting further rally toward new high ideally . We advised members to make long positions risk free as soon as the price reaches 50 Fibonacci retracement area against the ((b)) high.
In the mean time 1.74872 low held nicely and buyers were strong enough to break above 1.7909 peak.
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