GBPCAD: Buying Opportunity

The prices reached SMA200 in the daily timeframe. If we look at the 4H chart, we will see a possible reversal from the support zone at 1.7000 level. RSI gives a bullish signal from the oversold zone. MACD histogram supports a possible upside movement. The market gives us a buying opportunity.

It is possible to think about opening long positions based on the reversal signal as well as following a breakout above the local downtrend line. Stop orders must be placed below the local swing low and 1.70000 support. Profit targets can be based on SMAs with periods 50, 100, and 200. Risk per trade must be no more than 1-2% of the trading capital.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

Comment:

The trading idea is workable. Wait for the breakout above the downtrend line.

Comment:

The support zone holds the market. What does it mean? It means that it is possible to search for buying opportunity from the support.