GBP/AUD –5th wave now in play

May 10, 2023

Note: CPI was negative

Bearish:  We are currently @ 1.8640 in a big channel and in the start of a 5th wave.   We are looking for a continuation to the 1.000 Fibo @ 1.8525 with a further target the ATR target @ 1.8500 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 162 pips per day and it’s 180 day average is 162 pips per day. USDX is currently moving down