GBPCAD is now testing a key resistance zone on the Weekly TF where we can monitor price for rejections around this zone. We can see the 61.8 golden fib region lines up with this 1.77000 key level adding further confluence to this zone. Keep an eye on how price behaves around this area.
Price is trading within a daily descending channel creating clear lower highs and lower lows. Currently we trade above the 1.13 key level with the descending trend line capping price in a 40 pip consolidation between 1.13000 - 1.13400. We need to be patient with this pair and wait for the breakout in either direction. Technically we are still...
Clean trendline break/retest seen on the 4 hour chart along with a 61.8 fib retracement forming a potential new lower high. On the hourly timeframe we can see a small consolidation around this region. A break lower from this LTF consolidation would provide a nice short entry.
GBP/AUD testing the upper parallel of the daily ascending channel which coincides with the 1.87500 Monthly level. I'll be monitoring price action on the LTF'S around this area for potential short positions. We can see that price is beginning the decelerate around this region and this could provide us with a nice R/R short trade. One for the watchlist.