GBP/AUD Big Short long-term trade (August 23, 2021)
GBP/AUD finished 5 waves up (grand cycle) inside an ascending formation which was broken during the first wave A of its big corrective cycle.
From a price action perspective, when the price breaks an ascending channel, our target is always the beginning of the channel which is 1.58815 (long-term target).
From an Elliott Wave standpoint, it looks like the price finished wave A and B and now is looking forwards for its 3rd corrective wave to the downside. Our first target will be the beginning of the smaller ascending channel which we are in right now at 1.7874 which is also the previous wave 4 and the 50% Fibonacci Extension.
Breaking this level will push GBP/AUD towards the 70.2% Fibonacci Extension at 1.6841 and the 100% Extension level at 1.5879 which is the beginning of the big ascending formation.
Also, GBP/AUD is 70% positively correlated with DXY, as AUD gets affected the most when DXY moves up or down. Thus, I expect DXY towards new lows because of high inflation since GBP/AUD is showing a huge move to the downside from a technical perspective. Good luck everyone!
From a price action perspective, when the price breaks an ascending channel, our target is always the beginning of the channel which is 1.58815 (long-term target).
From an Elliott Wave standpoint, it looks like the price finished wave A and B and now is looking forwards for its 3rd corrective wave to the downside. Our first target will be the beginning of the smaller ascending channel which we are in right now at 1.7874 which is also the previous wave 4 and the 50% Fibonacci Extension.
Breaking this level will push GBP/AUD towards the 70.2% Fibonacci Extension at 1.6841 and the 100% Extension level at 1.5879 which is the beginning of the big ascending formation.
Also, GBP/AUD is 70% positively correlated with DXY, as AUD gets affected the most when DXY moves up or down. Thus, I expect DXY towards new lows because of high inflation since GBP/AUD is showing a huge move to the downside from a technical perspective. Good luck everyone!
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.