EUR/USD reversed from support zone Next buy target - 1…
GBP/AUD rising inside sharp C-wave
- GBP/AUD rising inside sharp C-wave
- Next buy target - 1.7780
GBP/AUD continues to rise inside the sharp minor impulse wave (iii) - which previously broke above the key resistance level 1.7210 (which stopped earlier wave A and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 1.7210 accelerated the active minor impulse wave (iii) and iii – both of which below to the sharp C-wave from the middle of March.
GBP/AUD is expected to the next buy target at the next resistance level 1.7780 (top of the previous minor B-wave from last September).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.