The GBPAUD Elliott Wave Analysis for the day chart offers traders insights into potential price movements of the British Pound against the Australian Dollar, utilizing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend" scenario, the analysis suggests that the current market direction opposes the prevailing trend, indicating a potential reversal or corrective movement against the broader price trend. This implies that traders may expect a temporary deviation from the primary trend before a potential resumption or continuation.

Described as "Corrective" in mode, the analysis indicates that the current market movement is part of a corrective phase within the broader Elliott Wave cycle. This suggests that the current movement is corrective in nature and may not necessarily signal a reversal of the overall trend but rather a temporary pause or retracement.

The "STRUCTURE" is identified as "Blue wave C," providing clarity on the current wave count within the corrective phase. This aids traders in understanding the ongoing corrective pattern and its relation to the broader Elliott Wave structure.

Positioned as "Black wave 2," the analysis highlights the current wave count within the broader Elliott Wave cycle, indicating the specific phase of the correction within the larger wave structure. This suggests that the market is currently undergoing a correction after completing a larger degree wave.

The "DIRECTION NEXT LOWER DEGREES" is stated as "Black wave 3," suggesting the anticipated direction for the subsequent lower-degree wave. This implies that once the current corrective phase completes, the market may resume its downward movement within the broader Elliott Wave structure.

In the "DETAILS" section, it is noted that "Blue wave B of 2 completed at 1.91359, now Blue wave C of 2 is in play." This indicates that the current corrective phase is ongoing, with the expectation of completion before a potential resumption of the broader trend.

The "Wave Cancel invalid level" is specified as 1.99747, serving as a critical level that, if breached, may invalidate the current wave count and require a reassessment of the analysis.

In summary, the GBPAUD Elliott Wave Analysis for the day chart provides traders with valuable insights into potential corrective movements, critical levels to monitor, and the anticipated direction within the broader Elliott Wave structure, aiding in informed trading decisions.

GBP/AUD four-hour chart

Function: Counter Trend.

Mode: Corrective.

Structure: Blue wave.

Position: Black wave 2

Direction next lower degrees: Black wave 3

Details: Blue wave B of 2 completed at 1.91359,now blue wave C of 2 is in play . Wave Cancel invalid level: 1.85814

The GBPAUD Elliott Wave Analysis for the 4-hour chart provides traders with insights into potential price movements of the British Pound against the Australian Dollar, utilizing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend" scenario, the analysis suggests that the current market direction opposes the prevailing trend, indicating a potential reversal or corrective movement against the broader price trend. Traders may expect a temporary deviation from the primary trend before a potential resumption or continuation.

The "Wave Cancel invalid level" is specified as 1.85814, serving as a critical level that, if breached, may invalidate the current wave count and require a reassessment of the analysis.

In summary, the GBPAUD Elliott Wave Analysis for the 4-hour chart offers traders valuable insights into potential corrective movements, critical levels to monitor, and the anticipated direction within the broader Elliott Wave structure, aiding in informed trading decisions.

GBP/AUD Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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