In this chart I see 2 possible scenarios and they both lead to the same direction
The first option: A standard ‘small’ correction which results in a regular 3-wave correction as the third overall wave.
The second option: We get a longer correction that will bring a strong pull-back to the green trend line and then we fall, which means we will have...
We can find a string divergence with MACD at the bottom, which is a strong indicator for the change of the Bearish Trend.
Price is making Higher lows. and EMA 50 is now making Support.
If it brakes level 1.60900 it'd be a confirmation for a Bullish continuation and we'll be aiming for 1.66500 (38.2 Fibo Weekly level) or even 1.70000 (61.8 Fibo Weekly level)...
GBPCAD showing us multiple confirmation for the buy/long:
Divergence on the Daily(Huge Confirmation)
StopHunt on the Daily
Break of Structure + Retest of structure
BXY(GBP Index) showing strength
CXY(CAD index) showing weakness
This is a huge long term trade.
ALL GLORY BE TO THE MOST HIGH
GBPCAD made a false breakdown of the resistance level and touched the resistance line.
The trend remains falling.
Waiting for break the support line and enter sell with the target to support level 1.592
Share your vision of GBPCAD in the comments and like if you agree with this idea.
as we can see the daily chart is in a down trend and the 1H trend line has been broken so after a candle stick confirmation we ebter the trade and expect to break under daily chart low first take proft target is about 200 pips and if we break it we hold the trade
This is a very interesting market for watching - the price bounces from the support zone, which was confirmed in 2016 and 2017 years. RSI tells us about the oversold market conditions. MACD histogram is going to confirm the upward movement.
In spite of strong downtrend, the market has opportunities to move upward. The price has been falling for about four...
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**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions, -