GBP/AUD is in a five-wave decline, down from 2.085 high, which confirms a bearish trend. We specifically see a wave 5 of a bearish trend in play, which can extend its drop towards the 1.73/1.70 level, where Fib. ratio of 161.8 and 100.0 (equality measurement of waves 1 and 5), can react as support.
Once a five-wave move from the highs fully develops, and we see an impulsive rally above the upper Elliott wave channel line, that is when a temporary pullback in an A-B-C manner may develop, and recover towards the 1.841 first possible resistance.
GBP/AUD Daily Chart.
GBP/AUD Eyeing 1.73/1.70 Zone – Elliott Wave Analysis
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