GBPCAD: Short term Buy Bias and Long term Sell Bias
Confluence:
- We know that price needs to come and retest the psychological level of 1.76 within the market. This level also lines up with the 61.8% fib retracement. Therefore, we can look for day trades back up to this level.
- Currently in a 1hr micro downside which ones broken we can then consider the short term buys.
- For the long term sell bias we have a H&S Pattern playing out, we rejected the 1.78 Psychological level and a Higher timeframe downtrend.
Confluence:
- We know that price needs to come and retest the psychological level of 1.76 within the market. This level also lines up with the 61.8% fib retracement. Therefore, we can look for day trades back up to this level.
- Currently in a 1hr micro downside which ones broken we can then consider the short term buys.
- For the long term sell bias we have a H&S Pattern playing out, we rejected the 1.78 Psychological level and a Higher timeframe downtrend.