Below is a recap of our call and forecast for $GBP/AUD from our Chart of The Day post from 6/8/2015 – 6/12/2015. The pair has been steadily moving higher as we expected throughout the week. You can click the underlined link to view the original post on that date.
In our Chart of The Day at 6/9/2015, we said wave (x) pullback is unfolding in the form of a double correction w-x-y where wave w ended at 1.9915, wave x ended at 2.0017, and wave y of (x) is in progress towards 1.9821 – 1.9858. We also said to expect the pair to turn higher to complete wave ((w)) towards 2.02664 – 2.03709 once wave (x) pullback is complete in 3, 7, or 11 swing as far as 1.95991 pivot stays intact.
In our Chart of The Day at 6/10/2015, we said wave (x) pullback is complete at 1.9853, and the rally has resumed as expected. Wave a rally from 1.9853 is in 5 waves and should be complete soon, to be followed by wave b pullback ideally towards 1.9925 – 1.996 area before resuming higher again.
In our Chart of The Day at 6/11/2015, we said that rally to 2.0128 ended wave (w) and wave (x) pullback ended at 1.984. As far as 1.984 level holds, or more importantly as far as 1.96 level holds, pair is expected to resume rally to new high.
In our Chart of The Day at 6/12/2015, we said that rally to 2.0128 ended wave (w) and wave (x) pullback ended at 1.984. Wave w rally from 1.984 is still in progress towards 2.0168 – 2.0245, then it should pullback in wave x before the rally resumes again. As far as 1.984 level holds, or more importantly as far as 1.96 level holds, pair is expected to continue higher.
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