Right now price is consolidating( along the red line). Given the current situation price might just test the resistance shown and drop back down towards our current support...
Alternate scenario is that price breaks through our current resistance and retest for the buy... [ [/i
TREND: Bullish
PRICE: Consolidating
DIRECTION HEADED: Down
TIME FRAME: 1hr
GBPUSD is due for a possible sell. Currently the market is rejecting off a 4hour support, if the market comes in that area and pushes up I'm going to look for long trades on the 1hour time frame. NOW if the market breaks said support, I'm going to be looking for short trades if I get a retest as resistance
I EXPECT PRICE TO HEAD UPWARDS BECAUSE THERE ARE MULTIPLE CONFIRMATIONS FOR A BULLISH MOVE. WE HAVE A STRONG RESISTANCE, WE ALSO HAVE BULLISH DIVERGENCE WHICH I FAILED TO MENTION IN THE VIDEO. NEWS ALSO SAYS IF WE MANAGE TO KEEP OUR BONDS THE WAY THEY ARE THEN THE US DOLLAR WILL GET STRONGER THAN THE YEN.
Expecting upwards momentum on USDCAD, multiple confirmations for bullish market. First its bouncing off a support area, the second confirmation would be the start of a W pattern, third confirmation would bullish divergence on 1 hour timeframe. Don't mind the pauses I'm tired.
