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