GCad Daily Analysis
Updated
Daily: The price has printed a Pin Bar after it rejected the Resistance at 1.72. The rejection at 1.72 also shows that the price has confirmed the breakout of the downtrend. A new Minor Uptrend may be forming. A break above 1.73 would bring the price to 1.74 & 1.75. If a rejection shows on 1.73, the price will target the downside at 1.17125.
4H: The price is currently in an uptrend but upward momentum is held off by the 1.73 resistance. The price is currently consolidating below 1.73. A break above would confirm the uptrend and target 1.74 & 1.75. On the flip side, a failed breakout would cause the price to fall towards 1.72 & 1.7125.
1H: More confirmation is needed. Wait for price to react to 1.73 level.
Trade active
Trendline broken - target downside 1.72Trade closed: target reached
Target reached at 1.72 & 1.7125
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