MarketBreakdown | GBPUSD, Bitcoin, GBPAUD, USDCAD

Feb 17, 2022

Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.

1️⃣ GBPUSD - Weekly time frame 🇬🇧🇺🇸

The market is trading in a bearish trend.
Lower highs and lower lows are perfectly respecting the boundaries of a falling expanding wedge pattern.

It looks like we will see a test of its resistance soon.
Let the price reach that and then look for a confirmation to sell.

2️⃣ Bitcoin - Daily time frame ₿

After a confirmed bullish breakout of a major falling trend line,
the market is stuck on a minor daily structure resistance.

If you are looking for buying opportunities,
there are two options for you to follow:

You can wait for a bullish breakout of the underlined blue zone
and then buy on a retest.

Or you can wait for a retracement to a broken trend line and buy from there.

3️⃣ GBPAUD - 3 days time frame 🇬🇧🇦🇺

The pair is trading in a bullish trend.
Setting a new high in January the price retraced.

The pair is currently approaching a major rising trend line.
I am looking for a confirmation on lower time frames to buy.

In case of a bearish breakout of a trend line, the market may drop lower.

4️⃣ USDCAD - Daily time frame 🇺🇸🇨🇦

For the last three weeks, the pair is consolidating.
The price is trading within a narrow trading range.

1.265 is its support.
1.28 is its resistance.

For now, I am looking for buying opportunities on the pair.
Wait for a bullish breakout of the range's resistance as your confirmation to buy.

❤️Please, support this idea with a like and comment!❤️

Feb 18, 2022

Note

Check my new idea on GBPAUD: