GBPUSD - broke out of a long term channel and has formed a new support line at 1.2046.
Analyzing the Volume Profile, there's a lot of buying/selling from the support line up to 1.2287 which appears to be new resistance.
If GBPUSD can break above 1.2287 there's little to stop it from filling the void and hitting the target price of 1.2462.
If GBPUSD breaks below...
The green supply zone has been satisfied.
The yellow demand zone has been satisfied. Also note the weak volume profile associated with the yellow zone.
We now have a supply zone notated by the teal zone which happens to fit nicely within the 38.2% and 50% FIB retracement lines.
Could this move up, bounce around the 61.8 FIB line, them move into the teal / 50% to...
Usd/Chf 4hr Chart: (still learning)
It's been riding the 9 EMA up consistently for a few days. Looking for a bounce up when it touches the 9 EMA again taking it into the shaded supply zone.Then retracing back to the 0.96102 VRVP line.
As always, critique is welcome.
Clay
USD/CAD on the daily.
Looks like it's in the 4th wave of a 5 wave cycle. (blue lines)
Wave 2 levels drawn with the yellow pennant.
Wave 4 level / target drawn with pink pennant.
Wave 5 could be the impulse wave that exceeds levels 1 & 3?
Still learning. Any feedback is welcome.
