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EW Analysis: GBPAUD In The Corrective PhaseHello traders! GBPAUD is clearly bearish, as we see a sharp fall in impulsive price activity down from 2.085 high. We are tracking a so-called impulse, a move that is structured by five waves, where two of them are corrections. Now, we are tracking a wave 4 correction which started at 1.768 level, and it can climb a little higher as corrections are made by three waves a-b-c, before pair can look for strong resistance and a bearish resumption into a wave 5. "A wave 4 correction can unfold as a simple zig-zag, which seems to be the best possible scenario, unless it turns out to be a flat, a triangle, or a more complex w-x-y move." Resistance for a wave 4 correction can be at Fib. Ratio of 38.2 that comes in at 1.88/1.90 level, so watch that area as a potential resistance, especially around the previous wave "i" swing low a lesser degree. As such, there is room for slightly more upside before downtrend may resume. Be humble and trade smart! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Education
by ew-forecast
DXY fail to break resistence This is the dxy chart that I want to show with my previous XAGUSD long position, if you are watching this please do scan throught my xagusd long idea too. In my chart dxy yet to break the resistence and seem like it is forming the reversal pattern. This is still very risky trade as the comfirmation candle is yet to form. If you are defensive trader I would recommend you to wait a little longer, but as for myself, I'm very aggressive in the very short term trade. I only have positions with metals for now, but if you have all day in front your desk, you might want to consider other currency pair with USD.
TVC:DXYShort
by Chott