GBPCAD Buy Idea Based on Key Support Zones
H4 - Bullish trend pattern followed by a double wave correction. Bullish divergence.
We have two key support zones that have formed based on the fibonacci retracement and expansion levels.
The first key support zone is formed by the 38.2% fibonacci retracement zone of the bullish trend pattern and the 100% fibonacci expansion level of the first wave.
The second key support zone is formed by the 50% - 61.8% fibonacci retracement zones of the bullish trend pattern and the 161.8% fibonacci expansion level of the first wave.
Until both these key support zones hold my view remains bullish here.
We have two key support zones that have formed based on the fibonacci retracement and expansion levels.
The first key support zone is formed by the 38.2% fibonacci retracement zone of the bullish trend pattern and the 100% fibonacci expansion level of the first wave.
The second key support zone is formed by the 50% - 61.8% fibonacci retracement zones of the bullish trend pattern and the 161.8% fibonacci expansion level of the first wave.
Until both these key support zones hold my view remains bullish here.
Comment:
Price reached the first key support zone and moved higher exactly as per the plan, providing a fantastic move to the upside!