GBP/AUD: buy target - 2.2000
By: Dmitriy Chernovolov
- GBP/AUD reversed from support zone
- Next buy target - 2.2000
GBP/AUD recently reversed up sharply from the combined support zone lying at the intersection of the support level 2.1400 (former resistance level which reversed the previous impulse wave 1 in July), the support trendline of the daily up channel from May and the 61.8% Fibonacci Correction of the previous sharp minor impulse wave (i). The upward reversal from this support zone completed the latest minor correction (ii).
GBP/AUD is expected to rise further in the active impulse waves (iii) and 3 toward the next buy target at the resistance level 2.2000. Buy stop-loss can be placed below the aforementioned support level 2.1400.