GCad Daily Analysis
Daily: The price has printed a Pin Bar after it rejected the Resistance at 1.72. The rejection at 1.72 also shows that the price has confirmed the breakout of the downtrend. A new Minor Uptrend may be forming. A break above 1.73 would bring the price to 1.74 & 1.75. If a rejection shows on 1.73, the price will target the downside at 1.17125.
4H: The price is currently in an uptrend but upward momentum is held off by the 1.73 resistance. The price is currently consolidating below 1.73. A break above would confirm the uptrend and target 1.74 & 1.75. On the flip side, a failed breakout would cause the price to fall towards 1.72 & 1.7125.
1H: More confirmation is needed. Wait for price to react to 1.73 level.
Trade active
Trendline broken - target downside 1.72Trade closed: target reached
Target reached at 1.72 & 1.7125
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.