Looking for LongGBPCAD is looking for long after forming descending channel & has clear formation for a movement to the upside, expecting target to reach at 1.73500
Gbp-cad
💡 GBPCAD - Weekly Technical Analysis UpdateMidterm forecast:
While the price is above the support 1.52450, beginning of uptrend is expected.
We make sure when the resistance at 1.60016 breaks.
If the support at 1.52450 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
A peak is formed in daily chart at 1.60020 on 06/17/2022, so more losses to support(s) 1.53533 and minimum to Major Support (1.52450) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 37.
Supports and Resistances:
1.80078
1.76000
1.73728
1.69541
1.66382
1.61707
1.60016
1.57750
1.56132
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💡Don't miss the great sell opportunity in GBPCADTrading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (1.7338).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPCAD is in a downtrend, and the continuation of the downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 32.
Take Profits:
TP1= @ 1.7266
TP2= @ 1.7239
TP3= @ 1.7188
TP4= @ 1.7145
TP5= @ 1.7094
SL: Break Above R2
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💡 Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.7785). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 46.
Take Profits:
TP1= @ 1.7650
TP2= @ 1.7585
TP3= @ 1.7480
TP4= @ 1.7350
TP5= @ 1.7185
SL: Break Above R2
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📚 Learn More 💰 Earn More with us: Range-Bound Market📚 LEARN MORE
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With ForecastCity
What is a Range-Bound Market?
A range-bound market is one in which price bounces between a specific high price and a low price.
The high price acts as a major resistance level in which price can’t seem to breakthrough.
Likewise, the low price acts as a major support level in which price can’t seem to break as well.
The market movement could be classified as horizontal, ranging , or sideways.
A range-bound market is the opposite of a trending market.
In a range-bound market, there is no clear direction.
How to trade Range-Bound Market?
1- Trading Major Support and Resistance:
Traders capitalize on range-bound trading by repeatedly buying at the major support level and selling at the major resistance level until the security breaks out from a price channel.
The idea is that the price is more likely to rebound from these levels than break through them, which puts the risk-to-reward ratio in their favor, although it's important to always watch for a potential breakout .
Technical indicators, such as the relative strength index (RSI), can be used to confirm overbought and oversold conditions when price oscillates within a trading range.
For example , a trader could enter a long position when the price is trading at major support and the RSI gives an oversold reading below 30. Alternatively, the trader may decide to open a short position when the RSI moves into overbought territory above 70.
Most traders place stop-loss points just below the major support level and above the major resistance level to mitigate the risk of heavy losses from a high volume breakout.
2- Trading Breakouts:
Traders can enter in the direction of a breakout from a trading range. To confirm the move is valid, traders should use other indicators, such as volume and price action .
For instance, there should be a significant increase in volume on the initial breakout , as well as several closes outside the trading range. Instead of chasing the price, traders may want to wait for a retracement before entering a trade.
For example , a buy limit order could be placed just above the top of the trading range, which now acts as a support level.
A stop-loss order could sit at the opposite side of the trading range to protect against a failed breakout.
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💡 Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.738). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 34.
Take Profits:
TP1= @ 1.7290
TP2= @ 1.7235
TP3= @ 1.7185
TP4= @ 1.7120
TP5= @ 1.7048
SL: Break Above R2
❤️ If you find this helpful and want more FREE forecasts in TradingView
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Don't miss the great buy opportunity in GBPCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.7310). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 55.
Take Profits:
TP1= @ 1.7428
TP2= @ 1.7534
TP3= @ 1.7673
TP4= @ 1.7793
TP5= @ 1.8033
SL= Break below 1.7235
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Now, It's your turn !
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Trade well, ❤️
ForecastCity English Support Team ❤️
Don't miss the great buy opportunity in GBPCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.7405). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 49.
Take Profits:
TP1= @ 1.7480
TP2= @ 1.7528
TP3= @ 1.7674
TP4= @ 1.7790
TP5= @ 1.8045
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
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. . . . . . . . . . . Drop some feedback below in the comment!
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💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.7455). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 31.
Take Profits:
TP1= @ 1.7260
TP2= @ 1.7130
TP3= @ 1.6958
SL: Break Above R2
Don't miss the great sell opportunity in GBPCADTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.7125). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 42.
Take Profits:
TP1= @ 1.6958
TP2= @ 1.6635
TP3= @ 1.5874
SL: Break Above R2
Don't miss the great buy opportunity in GBPCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.7135). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a uptrend and the continuation of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 66.
Take Profits:
TP1= @ 1.7322
TP2= @ 1.7515
TP3= @ 1.7750
SL= Break below S2
Don't miss the great buy opportunity in GBPCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.6591). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 78.
Take Profits:
TP1= @ 1.6817
TP2= @ 1.6970
TP3= @ 1.7312
SL= Break below S2
Don't miss the great buy opportunity in GBPCADTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.63415). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 76.
Take Profits:
TP1= @ 1.66000
TP2= @ 1.67700
TP3= @ 1.69700
SL= Break below S2
