GBPAUD Short Term Elliott Wave Update 6.12.2015

Decline to 1.95991 completed wave X. From this level, the pair rallied in wave (w) in the form of a double correction w-x-y where wave w ended at 2.004, wave x ended at 1.9822, and wave y of (w) takes the form of a FLAT and ended at 2.0128. The pair then pullback in wave (x) which ended at 1.984.

Short term, wave w is in progress towards 2.0168 – 2.0245, then it should pullback in wave x before the rally resumes. We don’t like selling the proposed wave x pullback. 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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