GBPCAD is approaching our first resistance at 1.7048 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur pushing price down to our major support at 1.6963 (61.8% Fibonacci extension, 76.4% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance where we might see a ...
GBPCAD is approaching our first resistance at 1.7315 (horizontal overlap resistance, 38.2%, 78.6%, 61.8% fibonacci retracement, 100% fibonacci extension) and a strong drop might occur pushing price down to our major support at 1.7156 (horizontal overlap support, 23.6% fibonacci retracement, 61.8% fibonacci extension).
Stochastic (34,5,3) is approaching resistance ...
Risks skewed to the downside for the pound.
On the other side, focus now on BoC policy decision. A 25bps hike is widely expected.
Technical studies for the pair also support weakness. Stochs are sharply lower and RSI is below the 50 mark.
MACD is on verge of a bearish crossover on signal line and we see rise in volatility on the intraday charts.
Break below cloud ...
GBPCAD is approaching our first support at 1.6458 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement) where a strong bounce might occur pushing price up to our major resistance at 1.6833 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching support and we ...
Technical Analysis: Bias Bearish
- Price has dipped below daily cloud, Bollinger Bands are widening suggesting rise in volatility
- The pair has broken below 61.8% Fib and is currently holding above trendline support at 1.66
- Stochs and RSI are sharply lower and RSI is below 50 levels
- MACD shows bearish crossover on signal line and we see -ve DMI ...
I took three previous trades on gbpcad and was stopped out all three for a .24 lost. My setup told my to stop trading for the week and to re-evaluate the charts today. Here are my current setups this week as I am currently 30 pips in profits on a gbpcad trade that I broke even on. Let's see what next week holds!!