GBPAUD Reverses from Key Zone – Long Setup in Play!Today I want to share with you a Long position on GBPAUD ( OANDA:GBPAUD ).
GBPAUD started to rise well from the Important Support line , Support zone(2.032 AUD-1.987 AUD) , and Potential Reversal Zone(PRZ) and managed to close the 4-hour candle above 2.053 AUD (important) .
In terms of Elliott wave theory , GBPAUD seems to have completed the main wave 4 . The main wave 4 structure was a Double Three Correction(WXY) .
Also, along the way, we can see a Bullish Marubozu candle , which could indicate a continuation of the uptrend .
I expect GBPAUD to break the Resistance lines soon and attack the Resistance zone(2.078 AUD-2.066 AUD) .
First Target: 2.065 AUD
Second Target: 2.076 AUD
Note: Stop Loss(SL): 2.040 =Worst SL
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British Pound/ Australian Dollar Analyze (GBPAUD), 4-hour time frame.
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