GBP/AUD: buy target - 2.2000
By: Dmitriy Chernovolov
- GBP/AUD reversed from support area
- Next buy target - 2.2000
GBP/AUD continues to rise after the recent upward reversal from the support zone lying between multiple support levels: the support trendline of the daily up channel from May, the lower daily Bollinger Band, the support level 2.1400 (which also previously reversed the A-wave of the latest minor ABC correction 4 from the end of August) and the 50% Fibonacci Correction of the previous minor impulse wave (v).
The upward reversal from this support area completes the previous minor corrective wave 4. GBP/AUD is likely to rise further inside the next impulse wave 5 toward the next buy target at the resistance level 2.2000.