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10 May 2007

GBPAUD Daily chart


Continuing observation of this move I've to notice that on daily chart price is forming double bottom (no yet finished).

There is probability this down move to break down the lowest fractal formed about 20 days ago forming the 5th (if counting is correct) Elliot wave.

Depends how strong the support around 2.38 level will be.


If break occurs another move down could be expected as seen on the monthly chart below:


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