GBPAUD Calling The Rally From The Blue Box

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPAUD published in members area of the Elliottwave-Forecast . As our members know, GBPAUD is showing incomplete sequences in the cycle from the December 2018 low. We’ve been calling for further extension higher toward 1.923 + area. Recently we got 3 waves pull back , when the price reached  Blue Box- Buyers zone.  The pair found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast.

GBPAUD 1 Hour Elliott Wave Analysis 11.22.2019

GBPAUD is correcting the cycle from the 1.85443 low. We are assuming that pull back is unfolding as Elliott Wave Zig Zag Pattern. Decline from the peak was only the first leg (a) blue of wave ((ii)) black pull back. As far as the price stays below (b) blue short term high, we can get another leg down toward Blue Box area: 1.88805-1.87693.  At mentioned area we expect buyers to appear for proposed rally or 3 wave bounce alternatively.As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.

You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.

GBPAUD 1 Hour Elliott Wave Analysis 11.25.2019

GBPAUD found buyers at  1.88805-1.87693 , the Blue Box area. We are getting nice reaction from there so far. At this stage we are calling wave ((ii)) pull back completed as Elliott Wave Zig Zag  Pattern. We would like to see further extension higher and break above 11/19 high to confirm next leg up is in progress. Otherwise break below current short term low would open possibility for a deeper correction.

GBPAUD 1 Hour Elliott Wave Analysis 11.30.2019

Eventually we got further separation higher and the pair broke 11/19 high as we expected. Current view suggests we can be ending soon short term cycle from the 1.88709 low as 5 waves structure. We expect to see 3 waves pull back against the 1.88709 soon.

GBPAUD 1 Hour Elliott Wave Analysis 12.2.2019

Short term cycle from the 1.887 low ended as 5 waves structure. The pair is correcting the cycle from the mentioned low. As of right now short term pull back (ii) blue looks incomplete, and we can still get more short term weakness against the 1.8870 low. Anyway, as far as the price stays above 1.88709 low, the pair can remain trading higher within wave ((iii)) as shown on the chart.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.