GBPAUD is in a big monthly corrective structure as WXYXZ triple wave combo prior to which there was an impulsive leg down.
There is divergence present the between Y and Z wave indicating the corrective structure is coming to an end.
This a good short trade to take, if the trendline below breaks its can be a big move down to test the lows.
Watch for break and correction below the trendline for confirmation of the big move.
There is divergence present the between Y and Z wave indicating the corrective structure is coming to an end.
This a good short trade to take, if the trendline below breaks its can be a big move down to test the lows.
Watch for break and correction below the trendline for confirmation of the big move.
These are two ways this could play out. Either do a small correction here and continue breaking down then I will look for short trade setup (red) but we can also breakout and so consolidation there to test the top once again as Z wave may not yet be complete.