MarketBreakdown | EURUSD, USDCAD, GBPCAD, GBPCHF
Hey traders,
here is a brief technical outlook of 4 peculiar instruments on my watch list.
1️⃣ EURUSD - Daily time frame 🇪🇺🇺🇸
The pair is trading within a narrow horizontal trading range for 3 consequent weeks.
For now, consider the boundaries of the range for trading.
Let the market reach its support/resistance then wait for a confirmation and buy/sell then.
Alternatively, breakouts of a one of its boundaries will trigger a consequent bullish/bearish continuation.
Consider a bearish breakout for catching a trend following movement
or a bullish breakout for counter trend trade.
2️⃣ USDCAD - Daily time frame 🇺🇸🇨🇦
The pair is approaching a strong daily structure resistance at the moment.
I believe that the market will drop from that structure.
3️⃣ GBPCAD - Daily time frame 🇬🇧🇨🇦
As you remember, we spotted earlier a bullish breakout of a major trend line.
Even though, the breakout looks false now, it still indicates the weakness of sellers to us.
I believe that the pair should bounce soon.
4️⃣ GBPCHF - Daily time frame 🇬🇧🇨🇭
Similar to EURUSD, the pair is trading within a narrow horizontal trading range.
Consider a range trading buying the support of the range and selling its resistance.
Alternatively, wait for a breakout of one of its boundaries to buy/sell the pair.
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