GBPCAD W5 Mar 2021
GBPCAD
Long Setup
💪🏼 Price broke out of a corrective phase and descending channel. This breakout indicates a possible Wave-1 and a possible retest to occur for a Wave-2. Signs of rejections off the zones will provide for long opportunities.
Higher timeframes shows price is trading above the Daily and Weekly 200EMA with a Daily bullish engulfing. Weekly timeframe is plotted with a ABC movement to the upside with a complex correction of Wave-B. Starting of Recent bearish movement has brought us to the golden 61.8% retracement level.
2 targets in place:
TP1: Previous highs at 1.79000 (Fib Ext of 0.50)
TP2: 1.90000 (Fib Ext of 1.00)
Long Setup
💪🏼 Price broke out of a corrective phase and descending channel. This breakout indicates a possible Wave-1 and a possible retest to occur for a Wave-2. Signs of rejections off the zones will provide for long opportunities.
Higher timeframes shows price is trading above the Daily and Weekly 200EMA with a Daily bullish engulfing. Weekly timeframe is plotted with a ABC movement to the upside with a complex correction of Wave-B. Starting of Recent bearish movement has brought us to the golden 61.8% retracement level.
2 targets in place:
TP1: Previous highs at 1.79000 (Fib Ext of 0.50)
TP2: 1.90000 (Fib Ext of 1.00)
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