GBP/AUD at resistance/bearish zone - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

GBPAUD is bearish, but is currently trading in a wave B higher degree correction. This correction is complex, and can now be trading at possible resistance and a bearish reversal zone at the upper corrective channel line (2.05/2.11 region), and at various Fib. ratios (61.8 and 78.6), all of which can slow the bulls down. That said, a drop in impulsive fashion, and below the 1.753 level would be bearish for the pair.

GBP/AUD, weekly

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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