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Thread: Fibonacci Trading

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#485 (permalink)

10-19-2008, 09:15 PM

Gregory McLeod Gregory McLeod is offline

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GBP/AUD Reloading to Move Higher

GBP/AUD has been in a strong up trend since its September breakout from a tight consolidation reaching a high of 2.7062 on October 8th. Fibonacci support begins at the 38.2% level near 2.4515, the 50% level at 2.3698 and the 61.8% support level comes in at 2.2882. For you Elliott wave fans, the daily chart looks to be consolidating in a complex wave 4 correction that is forming a pennant in an uptrend. Usually, pennants in up trends break to the upside. A measuring objective would take us into the 2.8000 area and beyond

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fibonacci-trading-10-1-.20.2008-gbpaud-gregs-trend-day.jpg

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