GBPCAD// Rising Wedge
Reasons not to enter....yet:
1.GCAD is currently on an area of strong support.
2. GDP Data for Canada will be released tomorrow and its expected to be bad. Bad news for Canada = Appreciation of GCAD.
3.Price has respected this this lower trend line multiple times.
Price has printed a rising wedge. Bullish, but bearish in nature. We should expect a break at any moment however, there isn't a clear indication that price will continue to fall.
Looking at the Weekly, we can see price is currently pulling back and the last broken structure is at the 61.8% level. If price does break the wedge, we can expect strong weekly support around this level.
Let me hear your thoughts.
1.GCAD is currently on an area of strong support.
2. GDP Data for Canada will be released tomorrow and its expected to be bad. Bad news for Canada = Appreciation of GCAD.
3.Price has respected this this lower trend line multiple times.
Price has printed a rising wedge. Bullish, but bearish in nature. We should expect a break at any moment however, there isn't a clear indication that price will continue to fall.
Looking at the Weekly, we can see price is currently pulling back and the last broken structure is at the 61.8% level. If price does break the wedge, we can expect strong weekly support around this level.
Let me hear your thoughts.
Komen:
WEEKLY
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
