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GBPAUD Long

by Sanjay A, January 26, 2023

GBP/AUD H1 Elliott Wave

by Sanjay January 26, 2023

4
Share

GBP/AUD

|

Long

|

H1

Timeframe:

H1

Analysis Method:

Elliott Wave

Analysis:

My daily analysis shows price is likely to continue to range between 1.73xx to 1.82xx. There is daily divergence between price and MACD but also a confirmed H&S though I believe it’s a trap. The decline from the top at 1.8276 can be counted in 3 waves: (a) (b) (c) with (c) finding support at the 78.6% fib extension. Price action in wave (c) was contained in a channel.

Trade Plan:

Long 50% at current price and 50% at 1.7394
Stop: 1.7317
Target: 1.7860
Potential Reward/Risk: 5.2

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