We’re ahead nicely on the GBPAUD trade and are publishing an update to the trade.
This GBPAUD chart was published last Thursday. We wrote then that “a correction is unfolding now that should end near 2.0538. It will probably take at least a week for this correction to play out.” The correction ended on Wednesday night at 2.0547. Price action since has confirmed that the pair is headed higher.
The updated chart shows that wave c of 2 is nearly identical in terms of price distance to wave a of 2. This is a common relationship. Unless a complex correction is underway, wave 2 is complete at 2.0547. The pair should exceed 2.0933 next week. We’ll continue to monitor this pair at DailyFX +.