HomeContributorsTechnical AnalysisGBPAUD Reacting Higher From Elliott Wave Extreme Area

GBPAUD Reacting Higher From Elliott Wave Extreme Area

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of GBPAUD. In which, the rally from the 09 May 2024 low unfolded in a corrective sequence but provided an extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a buying opportunity. So, we advised members not to sell it but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:

GBPAUD 1-Hour Elliott Wave Chart From 6.03.2024

Here’s the 1-hour Elliott wave Chart from the 6.03.2024 NY update. In which, rally to 1.9249 high ended the wave ((w)) & made a pullback in wave ((x)). The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) ended at 1.9123 low. A bounce to 1.9245 high ended wave (b) bounce. Then the pair started the next leg lower in wave (c) towards 1.9118- 1.9040 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

GBPAUD Latest 1-Hour Elliott Wave Chart From 6.04.2024

Above is the Elliott wave Chart from the 6.04.2024 NY update. The GBPAUD is showing a reaction higher taking place from the equal legs area. Right after ending the zigzag correction. Allowed members to create a risk-free position shortly after taking a long position. However, a break above 1.9249 high is yet to be seen to confirm the next extension higher & avoid a double correction lower.

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading