GBPAUD - Weekly Timeframe Overview - Short

OANDA:GBPAUD   Pound British/Dolar Australia
Following a medium term strong impulsive movement to the downside, we can clearly see, on the weekly time frame chart, that OANDA:GBPAUD -0.06% has been consolidating to the upside ever since. From a structural perspective, the consolidation has taken the clear form of a 5 wave correction to the upside. We can also see that the pair has broken the upward consolidation trend, giving us a clear sign of it's reversal potential. To be entirely correct, we could only be able to say that the above mentioned corrective structure is finished once it has broken the low at "D", but the fact that it has already developed in a 5 wave corrective structure, and completed all five ways, is in reality sufficient to look solidly for sell opportunities from now on. Let us remind you of the fantastic targets of this incredible trading opportunities, which are at the break of the "D" low first (1.612 area), at the break of the low in the 1.522 area, and lastly at the break of the lowest low in the 1.443 area.
Updates on lower timeframes will follow.

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