WE MUST BREAK THE MOST RECENT LEVEL OF SUPPORT AT 1.837 FOR PRICE TO CONTINUE DOWNWARD
I recently posted an idea on GBPAUD, but I believe it is possible for price to move further down.
We have a strong rejection candle at the .5 fib retracement, where price continued to fall further to test the most recent lows.
If we take the 1.272 extension of the (AB) impulse leg, and project the (AB) impulse leg from the (C) point, we find a nice level of convergence for our D target.
I recently posted an idea on GBPAUD, but I believe it is possible for price to move further down.
We have a strong rejection candle at the .5 fib retracement, where price continued to fall further to test the most recent lows.
If we take the 1.272 extension of the (AB) impulse leg, and project the (AB) impulse leg from the (C) point, we find a nice level of convergence for our D target.
