GBPAUD analysis 22.12.2020

Analysis based on modified wave analysis, Fibonacci retracement and price channels.

GBPAUD

On the W1 timeframe, a bullish divergence has formed, Stochastic Oscillator signals an oversold condition. The descending W1 level pattern is truncated at the moment. The bears tested the historic price pibvot zone 1.7415.

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The H1 timeframe shows a bullish divergence. A breakout of 1.7771 forms an upward M15 level wave pattern within the wave (C) of an upward H2 level pattern.

Trading idea:

Buy on the breakout of 1.7771.

Stop Loss below the local minimum.

Target levels - 1.7905; 1.8089.