riffster21

GBP & AUD - Market Barometer Update

OANDA:EURUSD   Euro / US-Dollar
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Hi guys, this morning has been interesting with the BOE and Brexit papers. Keep in mind that this data is purely technical. Sometimes (like today perhaps) the market completely ignores technical data and the fundamentals run the show for a bit. That said;

The GBP is extremely over sold. I could and might go lower, but should bounce sooner or later to correct a bit. The Brexit papers were kind of soft. This may add more weakness to the GBP before a correction.

The AUD on the other hand should follow technical input and it is extremely over bought. The AUD is also on the 3rd wave up (notice how each wave gets lower). The AUD is due for a longer/larger correction and it should come soon.
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