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GBPAUD Short Term Reversal Buy Opportunity

by Kaci J, February 20, 2023

GBP/AUD H1 Fibonacci, support, resistance and trendlines

by tradergirlfx February 20, 2023

3
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GBP/AUD

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None

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H1

Timeframe:

H1

Analysis Method:

Fibonacci, support, resistance and trendlines

Analysis:

The dominant move is to the downside. Price did not complete the Fibonacci wave extension @ 1.71315. I could see the potential for a deeper retracement, to 1.76432 before a completion of the sell to the 1.71315 extension.

Trade Plan:

Enter on the pullback on the lower timeframe once there is a bullish break to the upside.

Risk Management:

2% account risk @ 60 pip stop loss with 225 potential upside.

Things To Watch For:

GBP PMI data – high impact
High impact AUD news tomorrow night

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