I strongly believe a breakout of the Bullish Rectangle on a 4H Timeframe signals a LONG position for GBPUSD. I will comment on the same post with a smaller timeframe to lookout for Rejection Signs at the resistance level. What's your thought?
Expectation is the price will break out of the setup which formed the Falling Wedge, breakout will be an upward trend which will see Long position orders placed just above the Support Level.
I suggest a LONG Position, good Risk:Reward Ration too.
1. Advise if the chart analysis communicates
2. If the lines are drawn correctly
3. Whether that...
FX:EURJPY for a SELL just bellow Resistance? Also realised the Chart Pattern might be a Flag to continue a downtrend. Please advise, I'm a student.
NB: This is for educational purposes only, please do not use these as trade setups.
My Analysis for USD/CAD:
1. I see a downward trend continuation after formation of a Descending Triangle there.
2. Price is expected to go down to Support Level at 1.38067 and retrace a bit back to current price before gaining momentum downwards to Support Level 1.35710.
1. Please comment with advise on;
a) My trends line (if they're drawn well)