GBP/AUD: buy target - 2.0550
By: Dima Chernovolov
- GBP/AUD reversed from support zone
- Next buy target - 2.0550
GBP/AUD yesterday reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the support level 2.0200 and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the start of June. The upward reversal from this support zone continues the active minor impulse wave 3 (which belongs to the 3rd intermediate impulse (3) from March).
GBP/AUD is likely to rise further inside the active minor impulse wave 3 toward the next buy target at the resistance level 2.0550 (which stopped the previous impulse wave (iii)).