GBPAUD Is Finishing Multi-Year Bearish Triangle
GBPAUD is unfolding a five-wave bearish cycle on a monthly basis, currently finishing a bearish triangle pattern within wave (IV). Big turn down can occur.
GBPAUD turned bullish at the end of 2022 and start of 2023 after completion of a three-wave A-B-C decline for a higher degree wave D down at 1.59 area, from where we have seen a strong rebound but once again can be a three-wave A-B-C recovery for wave E. However, subwave C appears to have an extended structure, with nice resistance at 2.00 area. There is still a chance for a reversal down, especially now that is breaking channel support line, but we want to see a weekly close below the channel to confirm that bears are back.
GBPAUD turned bullish at the end of 2022 and start of 2023 after completion of a three-wave A-B-C decline for a higher degree wave D down at 1.59 area, from where we have seen a strong rebound but once again can be a three-wave A-B-C recovery for wave E. However, subwave C appears to have an extended structure, with nice resistance at 2.00 area. There is still a chance for a reversal down, especially now that is breaking channel support line, but we want to see a weekly close below the channel to confirm that bears are back.
Explore our services
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.