GBP/CAD bears resume after snubbing at resistances

FX:GBPCAD   British Pound / Canadian Dollar
74 0 8
Ever since the pair approaches pivot levels of 1.7039 it either bounces back or slid massively, now acting that level as resistance as bears resumed in the major downtrend, on the flip side the pair also tested 7DMA as supports as well.

However, we reiterate the major downtrend still seems intact despite the occurrence of dragonfly doji at 1.7233 levels (see monthly charts), you can observe this as the current prices on monthly have well below EMAs.

Please be noted that despite the attempts of prevailing upswings are hindered at 1.7039 as the momentum is shrunk away.

This downtrend seems intact as the both leading and lagging indicators converge the ongoing slumps.

Clear convergence of leading oscillator ( RSI ) can easily be figured out when the prices were declining, so the formation of dragonfly doji would mean that the bears have just taken a brief halt and likely to resume the major trend at any time.

The attempt of %D line crossover on slow stochastic at 36 levels has been a caution for aggressive bulls, there is still visible selling pressure.

You can also easily spot out declining prices along with bearish crossover on MACD and mammoth volumes formation which is a clear indication of the robust downtrend.

But for now, one can get benefitted from the boundary binary options as the leading indicators suggest contraction in ongoing buying momentum and simultaneously bulls testing support at 7DMA. Thus, it is good to buy boundary binary options with upper strikes at 1.7039 and lower strikes at 1.6994 for minimum targets of 30-40 pips on either side, use 4H expiries to fetch desired results.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out