Shoulder - Head - Shoulder pattern. Textbook like on this chart.
Bulls also broke a strong downward trendline.
We are clearly seeing a change of strength. Hop on the train on any dips. 1.67-1.66 is a strong support area with several confluences.
I am expecting around 1.70 mild sell pressure and profit taking that could take us back toward the above mentioned buy...
Bull is in control
So long as 1.69 holds, We should only look for a buy trade.
A preferable low-risk entry trade would definitely be at the 1.69 zone with a bullish candle.
Disclaimer :
This analysis does not include personal feeling/opinion, and pure base on technical analysis
Trading foreign currencies can be a challenging and potentially profitable...
Here on the GBP/CAD i have identified a great shorting opportunity on the 1hr and 4hr time frame in confluence with RSI overbought over 70 level and MA direction
GBP/CAD has been guided by several patterns. The dominant pattern is an ascending channel which was formed mid-August. Along the way, the Sterling breached a long-term channel down which is apparent on the daily chart.
Meanwhile, the pair’s movement during the past two weeks has been guided by another short-term ascending channel.
The current positioning of...
GBP/CAD has shown a decisive break at 200-DMA and hit 4-month highs at 1.70.
CAD weakness post Bank of Canada (BoC) policy meet overnight propelled the pair higer.
BoC left unchanged the repo rate at 1.00% and said that it will remain ‘cautious’ regarding further tightening.
CAD dived across the board as market rules out further BOC rate hikes in Dec/Jan.
The pair...
Now we can observe a potential bearlish bat on the chart. If the price reach 1.6750-1.6800,we can wait for the PRZ to confirm.
If you look the chart , you can see the area of strong resisitance. the price was forced to move down in Sep in this area.
Please be careful about the price action around the PRZ zone. False breakout often happen in pound pair.! The...
After reaching its three-month high at 1.6772, the Sterling started to depreciate against the Canadian Dollar in a falling wedge. The pair has already provided several confirmations of the bottom line; upper boundary, however, still needs one confirmation.
The pair has been stranded between the 55– and 100-hour SMAs and the weekly PP from below and the 200-hour...
Price has difficulty breaking/closing above 1.67375 level and it is in resistance zone.
With such a nice rejection candle, I am seeing possible downside to the support at 1.63 zone.
Disclaimer :
This analysis not include personal feeling/opinion, and pure base on technical analysis
Trading foreign currencies can be a challenging and potentially...
My statistical studies shows that GBP hard data release today is likely to be dissapointed. CAD will also have somewhat dissapointed data in my opinion, however relatively it will have the smallest "dissapoinment gap" amongst the Majors.
In addition, today we will have 2 speeches coming out from MPC Member Broadbent and the BOE Governor Carney, both of whom has...
GBPCAD has been pressing a channel top. Could be a great spot for the pair to dip. Yellow spots will offer some support. Some strong support levels below the channel. Wouldn't surprise me to see channel break on a retest of those levels.
