GBPCAD Price Action Analysis – 22nd Jan 2018
GBPCAD has been on a strong Buy trend on the H4 chart. The price has kept making higher highs. However, the pair seems to find a strong level of Resistance last week. Today the pair produced two consecutive H4 Bearish candles. The current H4 candle seems to be a Bullish candle though. If this H4 candle or even the next one makes an upside breakout, then the pair might offer us a long entry. Let us have a look at the H4 GBPCAD chart.
Have a look at the level of 1.73400 from where the pair produced two Bearish H4 candles. The level of 1.72960 seems to be the level of Support here. If this level continues to be the Support and makes a breakout at 1.73400, then we should wait for an H1 Bullish Engulfing Candle to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.73400
- Stop Loss: 1.72960
- Take Profit: 1.74500
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Usually Forex market on Monday is slow. Today the market has been slow as well. We have not had any real breakout yet. By looking at the chart, the H4 GBPCAD chart seems to be promising to offer us an entry. Among other pairs, USDCHF, GBPUSD, and EURJPY seem to be good to make the breakout as well. Keep your eyes on them too. If we get breakout on these pairs, then we might get the opportunity to take entries on those pairs.
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