So the previous uptrend have broken down, currently we are in the correction.
3 corrective wave have been completed. I'm assuming a direction down.
As it is the end of the week, many things won't happen.
Next week, GBP and AUD news too! They will show the way.
My opinion about GBPCAD H4.
All GBP pairs are facing a huge fall soon, all pairs are correcting, but eventually they will fall.
- Ascending trendline broken
- Currently retesting, than hopefully falls.
- R/R ratio is very good!
In 1H chart you can see clearly a falling wegde pattern. Price broke out upwards, made the retest, so more up move possible.
Great place to open long positions with tight SL.
Good trading fellas!
Finally EURJPY is heading south, price has broken from the ascending channel.
First stop is the trendline in H4 - Daily chart, which is still upside, but after if it is broken, downside trend follows.
Same principle in EURUSD and EURAUD
Beautiful Head & Shoulders pattern on the daily chart.
Then why is it still not falling???
I think it's gonna touch the resistance somewhere between 0.86-0.87, before it's going to fall.
In a long run, few months tops, nice profit can be achieved.
Price broke from the main ascending wedge channel and started to fall eventually.
Formed a new channel down, right now it's in the upper resistance of the channel.
High short possibility in Daily and H4 timeframe as well.
Currently waiting for short continuation.
If fall, then TP: 0.762