As you can se price is at a very strong support level as marked out by the orange arrows, so we are expecting a bounce and a rally to the upside.
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You can see that this pair has a change in trend, we have that first pullback at around the 0.5/61.8 region and matches with the trend based fib time zone. We then expect the next measure move to be about the same as previous price which matches with my TP of -0.27. You can also see some RSI divergence and H&S pattern giving us more indication of selling positions.
My views on this pair are that we are still daily holding the lower trend line, Were almost just ranging at the moment waiting for the break ideally. As of late we se price come down and hold at more of a mid point rather than just come back down to the trend line. We already had a strong push off this level previously and now at most current we look to be forming...
Support purple arrows
resistance orange
Look how many times price has used our support and resistance zone, easy to see its a very strong zone and ready for a reversal, add in the fact that this zone lines up with our trend line that has also been very well respected we can only see a reversal coming after price has had a big push down the past few hours.
So we...
GBPCAD remains range bound until it is not. Recently this pair made a false breakout of the highs on the daily timeframe. It is now reached the resistance and it is more likely for this pair to visit the lower band of the range again. Also if you see the weighted average Sterling you can see that all GBP crosses on average reached a falling trend line (resistance...
GBPCAD Recently has gained over 500 pips...could this be the reversal
Stuck inside a Bullish Pennant with potential movement to the upside
Possible Signs of a Divergence
One to watch!!
After the most recent double bottom / triple bottom time frame dependant, as you can see we have some strong bullish divergence, break out of the red box i can see the bulls taking over once again.
The long position in GBP/CAD has been taken to test correlation with the UKOIL trade place earlier. Analysis on this is currently being kept to myself until the trade is closed, whether TP or SL is hit.
we've seen H4 resistance at the 1.715 reigon in previous days, we broke lower and retested with a shooting star. Going short, taking profit at previous res of 1.70, and we may also drop lower to restest the trendline which is my tp2.
1.72568 resistance and 1.71336 support we placed these levels on the 4h chart, As you can see we have the 1H, 1D and 1W charts also open with these same support and resistance levels and on each different timeframe you can see they are well respected.
1H gives us a strong buy signal with an engulfing ( latest candle covers the whole of the candle before it )...
1.72507 is a key strong resistance level as we show with our purple arrows where price has respected this level.
1.70319 area was previously used as resistance ( blue arrows ) but more recently was used as support ( orange arrows )
Price is currently sitting at resistance so again we are expecting it to respect this and bounce making movement to the downside,...
- Price broke & closed above H4 resistance on the 4-hour chart
- Entered on the live retest of this resistance turned support level (albeit a bit late)
- Stop below support at 20 pips, TP1 is 20 pips TP2 is H4 resistance then TP3 is extended to fill a large part of wick of a previous h4 candle up to 1.72000
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
ABCD Formation: as you can see this has formed an ABCD formation so we should be looking for a downtrend now.
Also their is a small Descending Triangle forming therefore we could expect a big breakout from this.
Furthermore for extra security and confidence for this trade wait for the EMA Reversal, as the line should cross the opposite side of the charts.
With the prime minister heading to the Brussels for a negotiation for the Irish border back stop anything can happen. however if we look at the bright side of things although there is a high level of uncertainty in the market the technicals have presented some long ideas. we are currently 0.5% exposed to this trade due to this fundamental Brexit issue .
now if...
The British Pound vs. the Canadian Dollar. This is one of the most traded pairs in the world. The Canadian Dollar, often referred to as the “Loonie”, is considered to be a commodity currency because of Canada’s heavy energy exports.
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