This pair was in a Bullish Expanding Channel last week due to the Pfizer Vaccine news which helped Oil prices to go up. The pair has now formed a "Falling Wedge" Pattern on the H4 Chart. The improvement in the Canadian Manufacturing sector and a gradual growth in Oil Prices is good reason to be Bullish on this pair. Sellers have broken out of the Bullish Channel...
-Support broken, looking for a pullback to retest confluences -0.618 fib retracement -Previous support now acting as resistance -Respectable descending TL -MA50 shifting momentum
-Ascending TL breakout, looking for a pullback to enter short -Previous support now major resistance -0.618 fib retracement -MA50 supporting bearish momentum
-Consolidating structure breakout, looking for a pullback to retest confluences -Previous support now resistance -0.5 fib retracement -MA50 shifting momentum
-Broken descending TL, pullback expected -Respectable ascending TL -0.618 fib retracement -Previous resistance now support -MA50 shifting momentum
-Respectable descending TL -Previous support now resistance -0.5 fib retracement -MA50 supporting bearish momentum -> continuation expected
Looking for a pullback to retest the back of the broken ascending TL in confluence to the 0.5 fib retracement and previous support which is now acting as key resistance. Cancel order if pullback doesn't come
15min consolidating structure breakout - looking for a pullback to retest the broken descending TL in confluence to the 0.5 fib retracement, previous resistance which is now support, and the MA50 which is supporting the bullish momentum so far.
-Respectable descending TL in confluence to the MA50 momentum -0.618 fib retracement -Previous support area now acting as resistance
-Ascending TL breakout, retest expected -Respectable descending TL, looking for another HL -0.618 fib retracement -Previous support now resistance -MA50 supporting momentum
-Ascending TL breakout, expected retest -0.5 fib retracement -Previous support now acting as resistance -MA50 supporting bearish momentu
The market is currently at a strong area of resistance which closed with a shooting start candlestick formation and has tested the area multiple times in the past 24 hours which is a good indication that the market could possibly turn around. The MACD shows along with the ADX and DI show that the bullish trend has weakened coupled with it being on a 61.8%...
-Ascending TL breakout, retest approaching -Respectable descending TL -0.618 fib retracement -Previous area of S&R -MA50 supporting bearish momentum (1H)
Looking to go short on a pullback to retest the respectable descending TL in confluence to the previous support area which is now acting as resistance and the 0.618 fib retracement.
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-Major ascending TL's breakout, expecting retest -0.618 Fib retracement -Respectable descending TL -Strong area of previous S&R -MA50 supporting momentum shift
Hello everyone Here's the latest GBPUSD analysis.As you can see, this is just price action analysis and you should be patient till get right candle stick confirmation. good luck