GBP CAD GO 4th and multiply1.72568 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 ) BULLISH candle.
1D also gives us a buy signal even though the last candle formed is a biggish bodied bearish candle it also has a large lower shadow which indicates that bears tried to push price through our support but failed, and taking into account the lower timeframes pointing to a buy then the daily candle also has bullish power.
1W is also a big buy signal, the previous candle has a large lower shadow which broke through our support level but the bulls came and pushed the price higher towards the end of the week and price closed just below our support level, the bulls will continue to push price higher at market open and carry on this trend.
So all in all we are looking at entering a....... Yes a buy, nobody can be stupid enough to think a sell from our analysis rite? Well actually it depends how much tap water with fluoride in you have been drinking ;p
We are waiting for the perfect enter on this position, once we enter we will send the signal along with SL and TP to our clients
