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Wednesday, 13 January 2016

GBP/AUD Daily and Weekly Analysis









General overview for 13/01/2016:

There are two possible counts here, both of them are BULLISH and the difference is in the
placement of the wave 3 top:
- on the Weekly time frame chart we can see the impulsive wave progression had been
 rejected just above the 61%Fibo of the previous swing and it had been labeled as the
top for the wave 3. Currently the market is in the corrective cycle wave 4 that looks finished
 ( details on the Daily chart).
- on the Daily time frame the count is slightly different than the Weekly, the difference
 is in the labeling of the impulsive upward cycle. Nevertheless, the market has made the
 corrective cycle in wave (4) and now it is ready to trade higher again. The most important
 level for the blue impulsive count is 2.0177 ( blue impulsive count invalidation level )
and the level of 2.0028 ( black impulsive count invalidation level).
The projected wave progression is still to the upside and it should develop in impulsive
fashion.
The top for the wave (5) should be min. at the level of 2.2403.

Support/Resistance:
2.0028 - black impulsive count invalidation level
2.0177 - blue impulsive count invalidation level
2.1215 - technical resistance
2.1708 - technical resistance

Trading recommendations:
Swing traders should consider to open long-to-mid term buy orders with SL below the level
of 2.0177 and TP at the level of 2.2403.

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