GBPCAD is approaching our first resistance at 1.6937 (horizontal overlap resistance, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1.6827 (50% Fibonacci retracement).
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high ...
The last top has reached the Zone of Daily wave
Should to sell follow the Reversal signal (drop beyond 120 fibo Extension)
Sell from the wave 2 to wave 3
GBPCAD is approaching our first resistance at 1.7182 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1.6951 (horizontal overlap support, 100% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our ...
GC ( GBP/CAD) made +125 pips in a day at my OB Vwap Levels setup showing signs of highly overbought and the downtrend begans,
forms inverted hammer at 30 min. timeframe, my vwap levels setup is 95% except in economic calendar release and news.
Indicators/Oscillators showing signs of divergence/convergence also a good signal etc.
Looking to short here on a possible pullback or breakdown, targets are previous month's low and next fib levels below. Invalidation if it takes out current months high. Good Luck
GBPCAD is down trending due to printing LHs & LLs, and it is moving in a descending channel, recently price action seems to print a new LH as a typical counter-trend and has reached to upper down trend channel and then inner counter trend line has broken and pulled back to near it, also forming a Head and Shoulder pattern is possible.
All in all this is an short ...
GBPCAD is approaching our first resistance at 1.7059 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6%, 38.2% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.6862 (horizontal swing low support, 100% Fibonacci).
Stochastic (89,5,3) is seeing a bearish divergence and is also ...
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
