GBPCAD Structural S/R|200 MA Support|.50 Fib|Weekly Resistance
Evening Traders,
Today’s Analysis –GBPCAD- holding structural level where a move into weekly resistance is plausible.
Points to consider,
- Price range trading
- Structural support confluence (.50 Fibonacci & 200 MA)
- Weekly Resistance target
- Oscillators neutral
- Bullish price action
GBPCAD’s immediate trend is range bound respecting key levels. Structural support is the immediate trade location with technical confluence. The .50 Fibonacci and the 200 MA is likely to be respected upon a back test.
This will solidify an S/R Flip retest.
The immediate target is weekly resistance, breaking this level will mean breaking the range – trend continuation.
Oscillators are both trading neutral after declining from overbought conditions. Remaining above 50 midpoint allows for a short term bullish bias on the market.
Overall, in my opinion, respecting structural support is bullish allowing for a long entry. Risk needs to be defined with immediate target weekly resistance. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” – @SunriseTrader
Today’s Analysis –GBPCAD- holding structural level where a move into weekly resistance is plausible.
Points to consider,
- Price range trading
- Structural support confluence (.50 Fibonacci & 200 MA)
- Weekly Resistance target
- Oscillators neutral
- Bullish price action
GBPCAD’s immediate trend is range bound respecting key levels. Structural support is the immediate trade location with technical confluence. The .50 Fibonacci and the 200 MA is likely to be respected upon a back test.
This will solidify an S/R Flip retest.
The immediate target is weekly resistance, breaking this level will mean breaking the range – trend continuation.
Oscillators are both trading neutral after declining from overbought conditions. Remaining above 50 midpoint allows for a short term bullish bias on the market.
Overall, in my opinion, respecting structural support is bullish allowing for a long entry. Risk needs to be defined with immediate target weekly resistance. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” – @SunriseTrader