GBPCAD Triple Top Points To Potential Triple EventOANDA:GBPCAD on a multi-timeframe analysis allows us to breakdown this False Breakout of the Rising Wedge on the Weekly chart, lets check it out!
Price on the Weekly had made a Bearish Breakout of the Rising Wedge but price has had a great Bullish rally all week and undid all the Price Action following the Breakout of the Rising Support.
On the Daily since the Low of the Breakout @ 1.83238, OANDA:GBPCAD has begun to form an Expanding Range with Higher Highs laying out a Rising Resistance.
- MACD is signaling Bullish with lines just crossing 0 and Histogram forming green bars
Everything is saying Bullish but,
On the 4Hr we can see that Price has formed a Triple Top at the Resistance Level formed from the Highs of Dec. 4th around 1.86328 - 1.86675.
- RSI is showing a Divergence of Highs in Price
- Volume is waning as the Highs form
- MACD is signaling Bearish with a Crossover event and Histogram forming red bars
Now if Price falls below 1.85997, this will confirm the Triple Top and will mean we will be looking for Price to fall down to the AOV around 1.8546 - 1.8528.
If Price is able to find support around this level, this would Confirm the Bullish Bias on OANDA:GBPCAD on the Daily and Weekly.
