GBP/AUD: trade idea
- GBP/AUD reverses from support level 1.9600
- Next buy target - 2.0000
GBP/AUD earlier reversed down from resistance level 2.0000, intersecting with the upper resistance trendline of the wide daily up channel from September of 2014. The latest downward correction from 2.0000 today reversed up from the support level 1.9600 (former resistance from the start of this month, which also reversed this currency pair last week, as you can see from the daily GBP/AUD chart below).
The pair is likely to rise further from the current levels toward the next buy target 2.000 inside the active minor impulse wave 3, which belongs to the 3rd intermediate impulse wave (3) from the middle of November. If the downward correction resumes - GBP/AUD will most likely fall to the nearby support level 1.9400 (intersecting with the 38.2% Fibonacci Correction of the previous impulse 3) – from where the price is expected to reverse up toward 2.0000.