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Tuesday, 9 July 2013

GBP/AUD H4 Update

General Overview on 09/07/2013 16:00 CET:

Last leg up(b)  is in three waves and it looks like there is one more wave to the downside missing (c) to complete wave (4) Irregular Flat correction.
161% Fibo Expansion is the usual target fo this wave down - here $ 1.6050.

Support/Resistance:

1.6914 - Swing High
1.6748 - WR1
1.6511 - Weekly Pivot
1.6226 - Technical resistance
1.6108 - WS1
1.6050 - 161%Fibo Expansion

Trading Recommendation:

In anticipation of wave (5) to come, long side of the market should be considered with first entry  on 161%Fibo @ 1.6050 and SL below the round number of 1.6000
Seb

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