GBPCAD What to expect for the following week!
Here we are looking at GBPCAD on the 4hr time frame.
To start things off, I would like to mention how we have found support multiple times on the bottom of the bull flag. The multiple rejections to breakthrough to the downside help solidify the support and authenticity of the bull flag.
The last candle did close above the EMA (in blue), but we still have to break above the MA (in red) which is also lining up to strengthen resistance with the weely resistance level at 1.825. At this point, if we can break to the upside (and confirm as new support) above the MA and weekly resistance this will cause the EMA and MA to cross, which will be a great sign for a bullish swing to the upside and a breakout to the upside of the bull flag.
The MACD is beginning to show signs of curling, and we are approaching the red dotted trend line. With the momentum beginning to shift, and approaching the dotted trend line, this is a great sign that we are going to see momentum shift to the upside on the MACD. Notice also how the red dotted trend line lines up perfectly with the MACD bouncing off the zero level. On the flip side, if we breakthrough to the downside of the dotted red trend line, (which will also be crossing the zero line) GBPCAD will likely fall hard to 1.8 monthly support.
For now watch closely for a bounce or break off of the red dotted trend line on the MACD. Watch also for a confirmed break above the MA (in red) and 1.825 weekly resistance. If we can have all of these factors line up, we will see the momentum we need to breakthrough to the upside of the bull flag sending us to the initial target (in green) at a quick pace. Full projection of the bull flag indicates an eventual breakthrough above 1.85 monthly resistance.
** This is not a recommendation to buy or sell, and is purely meant for educational and informational purposes only **
To start things off, I would like to mention how we have found support multiple times on the bottom of the bull flag. The multiple rejections to breakthrough to the downside help solidify the support and authenticity of the bull flag.
The last candle did close above the EMA (in blue), but we still have to break above the MA (in red) which is also lining up to strengthen resistance with the weely resistance level at 1.825. At this point, if we can break to the upside (and confirm as new support) above the MA and weekly resistance this will cause the EMA and MA to cross, which will be a great sign for a bullish swing to the upside and a breakout to the upside of the bull flag.
The MACD is beginning to show signs of curling, and we are approaching the red dotted trend line. With the momentum beginning to shift, and approaching the dotted trend line, this is a great sign that we are going to see momentum shift to the upside on the MACD. Notice also how the red dotted trend line lines up perfectly with the MACD bouncing off the zero level. On the flip side, if we breakthrough to the downside of the dotted red trend line, (which will also be crossing the zero line) GBPCAD will likely fall hard to 1.8 monthly support.
For now watch closely for a bounce or break off of the red dotted trend line on the MACD. Watch also for a confirmed break above the MA (in red) and 1.825 weekly resistance. If we can have all of these factors line up, we will see the momentum we need to breakthrough to the upside of the bull flag sending us to the initial target (in green) at a quick pace. Full projection of the bull flag indicates an eventual breakthrough above 1.85 monthly resistance.
** This is not a recommendation to buy or sell, and is purely meant for educational and informational purposes only **
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