long term i believe pound to be bullish on this pair, as on weekly/Daily TF the pair has created a bullish trend.
in the short term it looks to be retracing to a former resistance which i expect to form support. (red support line at TP)
so to take advantage of the short term bearish behaviour i have planned this idea to short.
further Pound weakness with USD strength i expect this pair to move lower to recent lows indicated by red support line from Daily TF.
a short with entry at the Green hourly resistance trend line above price.
USD strength expected to continue.
price recently broke daily support and re-confirmed this as resistance (orange line)
before moving lower.
Higher TF support break missed, so looking for short entries on hourly support/resistance levels.(green lines)
entered at 0.72400, suspect this to form resistance and TP at lower previous hourly support.
Expected USD strength to continue.
Price broke Daily support and re-confirmed it as resistance, continuing lower, so ive looked for short entries and targets on the hourly.
green lines represent hourly support resistance. ill take the short from 0.72378 to the below past support
My bias is continued Dollar strength and my higher time frame analysis has USD/CAD bullish.
The pair are reacting around the 1 hour support (green line).
i would go long here expecting a pattern similar to the one drawn in purple
So had i posted this beforehand, price was at the 18/19th.
The purple line denotes how price could have moved lower which i drew beforehand with the circle above.
the green lines are hourly support and the first of which would have been my entry, upon candle confirmation
Drew these levels last week when price was breaking the red line of support.
Support lien was re-tested and then price moved lower creating a new support.
As i missed the above break of highter time frame support line (red) the green hourly support (turned to resistance) became entry point