GBP/AUD Looks For Extension Higher After Pullback
Elliott Wave Forecast | Jul 22, 2016 01:06AM ET
GBP/AUD: Short term Elliottwave structure suggests rally from 7/11 low is unfolding as a double correction where wave W ended at 1.763 and wave X pullback ended at 1.731. From there, pair resumes rally where wave ((w)) ended at 1.777 and while pair stays below there in the near term, pair has scope to do another leg lower in (y) of ((x)) towards 1.744 – 1.749 area before the rally resumes. We don’t like selling the proposed pullback and expect pair to extend higher once wave ((x)) pullback is complete in 7 swing as far as 1.731 pivot stays intact.
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