GBP/AUD Elliott Wave technical analysis [Video]

British Pound/ Australian Dollar(GBPAUD) Day Chart.

GBP/AUD Elliott Wave technical analysis

Function: Counter trend.

Mode: Corrective.

Structure: Blue wave B.

Position: Black wave 2

Direction next higher degrees: Blue wave C

Details: Red wave 5 of A looking completed at 1.95271, now blue wave b of 2 is in play . Wave Cancel invalid level: 1.99747

The "GBPAUD Elliott Wave Analysis Trading Lounge Day Chart" dated February 20, 2024, provides a comprehensive analysis of the British Pound/Australian Dollar (GBPAUD) currency pair on the daily chart, employing Elliott Wave principles. The focus is on identifying potential price movements within the context of the Elliott Wave theory.

The identified "FUNCTION" in this analysis is "Counter Trend," suggesting that the assessment revolves around a phase that opposes the prevailing trend. Counter-trend analysis is crucial for traders looking to identify potential reversals or corrective movements in the market.

British Pound/ Australian Dollar (GBPAUD) 4 Hour Chart

GBP/AUD Elliott Wave technical analysis

Function:  Counter trend.

Mode:  Corrective.

Structure: Red wave B.

Position:  Blue wave B.

Direction next higher degrees:  Red wave C.

Details: Red wave A of B looking completed at 1.92446, now red wave b of B is in play . Wave Cancel invalid level: 1.95341.

The "GBPAUD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated February 20, 2024, presents an in-depth analysis of the British Pound/Australian Dollar (GBPAUD) currency pair utilizing Elliott Wave principles. This analysis, conducted on the 4-hour chart, focuses on identifying potential price movements within the context of the Elliott Wave theory.

The identified "FUNCTION" in this analysis is "Counter Trend," suggesting that the evaluation is centered around a phase that opposes the prevailing trend. Traders often look for counter-trend opportunities to capitalize on potential reversals or corrective movements.