GBPAUD Elliott Wave Analysis Trading Lounge - Day Chart Analysis
British Pound/Australian Dollar (GBPAUD) Currecy Pair Analysis
GBPAUD Elliott Wave Technical Analysis
FUNCTION: Bullish Trend
MODE: Impulsive
STRUCTURE: Navy Blue Wave 3
POSITION: Gray Wave 5
DIRECTION NEXT HIGHER DEGREES: Navy Blue Wave 3 (started)
DETAILS: Navy blue wave 2 has likely completed, and navy blue wave 3 is currently in progress.
Wave Cancel Invalid Level: 1.91214
The GBPAUD Elliott Wave analysis on the daily chart shows a bullish trend in an impulsive phase. The market structure reveals that the pair is advancing in navy blue wave 3 after the completion of navy blue wave 2, indicating that the upward trend is continuing.
At this point, the market is positioned in gray wave 5, marking the final stage at this level. With the completion of navy blue wave 2, the third wave has begun, typically associated with a strong upward movement in the Elliott Wave sequence.
The next higher degree of analysis supports the view that navy blue wave 3 has already started. As long as the price action respects the Elliott Wave framework, the bullish momentum is expected to persist.
The wave invalidation level is set at 1.91214. A decline below this price would invalidate the current wave count and could signal a change in trend or a threat to the ongoing bullish momentum.
Summary:
The GBPAUD is in a bullish trend within the impulsive navy blue wave 3. The completion of navy blue wave 2 has initiated a strong upward movement, with gray wave 5 now unfolding. As long as the market remains above the invalidation level of 1.91214, the Elliott Wave structure will hold, supporting further gains.
TradingLounge British Pound/Australian Dollar (GBPAUD) 4 Hour Chart
GBPAUD Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Orange Wave 2
POSITION: Navy Blue Wave 3
DIRECTION NEXT HIGHER DEGREES: Orange Wave 3
DETAILS: Orange wave 1 has completed, and orange wave 2 is currently unfolding.
Wave Cancel Invalid Level: 1.91214
The GBPAUD Elliott Wave analysis on the 4-hour chart indicates a corrective phase within a counter-trend. The market is in orange wave 2, following the completion of orange wave 1, signaling a corrective movement after the initial wave of the downtrend.
Currently, the market is positioned in navy blue wave 3, part of the larger orange wave 2. As orange wave 2 progresses, it is expected to complete and transition into orange wave 3, resuming the broader downtrend. Orange wave 1 has ended, marking the start of the trend, while orange wave 2 is correcting the market’s position within the overall structure.
The next higher degree analysis suggests that after the completion of orange wave 2, the market will shift into orange wave 3, continuing the broader downtrend. The wave invalidation level is set at 1.91214. Should the price exceed this level, the current wave count would be invalidated, suggesting the end of the corrective phase.
Summary:
The GBPAUD is currently in a corrective counter-trend phase, with orange wave 2 unfolding after the completion of orange wave 1. Once the correction completes, the market is expected to resume its downtrend in orange wave 3. As long as the price stays below the invalidation level of 1.91214, the current wave structure remains valid.
Technical Analyst: Malik Awais
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