*Yellow = 200 EMA | Blue = 100 EMA
This update is for
GBPCAD
. I predicted (accurately) that price would find support at ~1.58165, and it successfully rebounded off of this is level and has found resistance at ~1.65918. We currently pushing off this resistance level and first found support around mid-August.
The close on Friday (Sept 20th) is critical because it is a strong bearish candle with a relatively large tail looking similar to a bearish hammer pattern. This is printing on a resistance level which is both horizontal and diagonal. The horizontal is the standard resistance at ~1.65918, but the diagonal is a trendline drawn from peaks in Mid-January 2016, Mid-March 2018, and late December 2018. On top of that, price is attempting to cross the 100 EMA which can act as additional resistance.
What to look for?:
a) Tenkan-Sen and Kijun-Sen are on the rise along with a Kumo Flip. This is clearly bullish and could mean any resistance
GBPCAD
is facing is minimal, and these 2 moving averages (Conversion and Base) could act as support on a retracement.
b) Keep an eye on Fib Levels for support on a retracement specifically 0.382 and 0.5 - These levels have been used as support for retracements off this support in the past (January and September 2017).
c) RSI(14) shows that this pair is still not overbought and could easily continue upward which moves in confluence with other factors which indicates only minor resistance.
Good luck Traders!
This update is for
GBPCAD
. I predicted (accurately) that price would find support at ~1.58165, and it successfully rebounded off of this is level and has found resistance at ~1.65918. We currently pushing off this resistance level and first found support around mid-August. The close on Friday (Sept 20th) is critical because it is a strong bearish candle with a relatively large tail looking similar to a bearish hammer pattern. This is printing on a resistance level which is both horizontal and diagonal. The horizontal is the standard resistance at ~1.65918, but the diagonal is a trendline drawn from peaks in Mid-January 2016, Mid-March 2018, and late December 2018. On top of that, price is attempting to cross the 100 EMA which can act as additional resistance.
What to look for?:
a) Tenkan-Sen and Kijun-Sen are on the rise along with a Kumo Flip. This is clearly bullish and could mean any resistance
GBPCAD
is facing is minimal, and these 2 moving averages (Conversion and Base) could act as support on a retracement. b) Keep an eye on Fib Levels for support on a retracement specifically 0.382 and 0.5 - These levels have been used as support for retracements off this support in the past (January and September 2017).
c) RSI(14) shows that this pair is still not overbought and could easily continue upward which moves in confluence with other factors which indicates only minor resistance.
Good luck Traders!
