The GBPAUD is closing in on an important zone, I am interested in buying this pair and now I will focus on whether we see a break soon or whether we see that other leg lower first. For context read my previous post.
On the 4 hour chart we see a clear consolidation where price is closing in on the resistance zone. We are either going to see a break-out bullish, in that case I'll wait for the consolidation before I add to my current long positions. Or we are going to see another leg lower first to complete the 11 waves, which is an extension of 3 (corrective) for a buy opportunity from lower levels.