I can see that investors are bearish about this pair.
IN MY OPINION THE GBP/AUD WILL GO FURTHER DOWN TILL IT REACH THE BLUE WAVE.
SELLING OPPORTUNITY AFTER IT FAILS TO BREAK THE WHITE RESISTANCE.
there is an opportunity of a long buy till 120.08 or 120.85. lets wait and see.
We should expect an upward movement to the target highlighted in white.
THIS TRADE IS CONSIDERED RISKY SINCE WE ARE TRADING AGAINST THE TRADE, BUT ONCE IT WENT IN OUR DIRECTION ( UPWARD ) THERE WILL BE SIGNIFICANT AMOUNT OF PIPS TO BE COLLECTED.
WE SAW THAT THE TREND IS BROKEN, WE SHOULD EXPECT A DOWNWARD MOVEMENT NOW.
WE ARE EXPECTING THAT GOLD UPWARD IN A STRONG MOVEMENT AND REACH A TARGET OF MINIMUM OF 1616 USD.
WE CAN SEE THAT THE ELLIOTT WAVE IS OBVIOUS FROM THE 2ND WAVE RETRACEMENT OF 61.8% OF WAVE 1, THEN WE HAVE A CORRECTION IN A TRIANGLE FORM WE ARE IN WAVE E OF THIS TRIANGLE LOOKING FOR A MORE DECLINE IN THE PRICE OF AUD/NZD.
we can notice that there is an inverse head & shoulders, so we should expect that the price will go higher in the near future...
AS YOU CAN SEE FROM THE CHART THAT THE ELLIOTT WAVE IS APPLIED CLEARLY, AND WE ARE AT THE END OF THE 4TH WAVE, AND NOW LOOKING FOR ANOTHER UPTREND WITH A 5TH WAVE...
As you can see from the graph, we can see a break down of the trend with a retracement of 61.8% level, so we should the price going down for the two levels highlighted in red...
1-WAITING FOR SOME BOUNCING ON THE SUPPORT . 2-AN ENGULFING CANDLE FOR CONFIRMATION . 3-BUY THE BULL...