There is a bullish outlook on both the Weekly and Daily timeframes with higher highs and higher lows forming.
The Weekly Trend line (a key level) has been hit - price could be bouncing off this level. It is also still battling with a Daily support (another key level)
An inverse Heads & Shoulders is forming on the H4 timeframe which provides good entry points....
As the AUDUSD pair gains strength, we may see this pair push higher as well due to the fact that they have a strong positive correlation on Hourly and Daily timeframes. As a retracement, the leg has reached an important fib level (61.8%) on a Monthly timeframe - which usually means we look for a reversal at this point. An inverse H&S has also formed on a Daily...
On a monthly timeframe, a double bottom has presented itself. An inverse Head & Shoulders seems to have formed at the second bottom of that DB which is evident on a Daily timeframe. Price had also reached a critical support zone which it broke in the previous week however we may see a retracement right back above it (which would look like fake out on a Weekly...
A prediction for GBPCAD. Long positions in place. Trend continuation makes for the base of reasoning with reference to the Daily Chart. RSI also shows there's room to the upside and when price reaches above Moving average, more positions can be added.
NB - Other factors have been assessed to come to this conclusion. This is in no way a signal, it is merely a shared idea.
Wyckoff mark up suggests bullish action for the next few weeks. Bullish divergence on RSI and inverted Head&Shoulders suggest reversal. Price may go back to 0.7300 region.
Price has broken out of Daily ascending channel and retested twice. Indication of change in trend. RSI also signaling overbought status. Good risk to reward ratio. Wait for Daily close for confirmation- watch out for shooting star/ doji on D1 close.
Price is moving in a downtrend channel (between 2 descending trendlines on H4 timreframe). Price has reached top of the channel and is likely to bounce off. RSI is in overbought area showing price is ready to head back down. There is also a formation of a rising wedge, suggests continuation of downtrend.
Wyckoff mark up suggests bulls have control of the market. We can see bullish divergence on RSI and a Head&Shoulders pattern formation, suggesting a reversal of the trend. Potential longs to 0.74000
