GBPCAD Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of GBPCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
M > Market is moving in a well respected horizontal structure (of course with minor breakouts). Price moved up to test structural resistance and dropped till monthly support to face rejection again. While dropping each month bottom wick was getting filled by next monthly candle however this could mot happen last month.
W > On its way down price created an M formation and as expected it moved up to test the neck before continuing with bearish move. Price dropped till 0.768 Fib level on last bullish impulse before reversing to the upside.
D > Price is moving in a triangle respelling trend-lines as resistance and support, price reversed to the downside from daily supply zone. Switching to line chart we can see a W formation and can expect price to drop till its neck.
As per COT GBP saw closure of both Long and Short, in effect reducing net positions. Even Commercials have closed both Long and Short reducing open interest to least in current year. BXY ended said week in a Doji after strong buying pressure during start of the week but it weakened last week. BXY is currently moving in a rising channel, price surged 2 weeks ago hit resistance and dropped near support of channel last week. We can expect slight upward move this week. CAD has not seen much movement for Long in last 2 weeks but it reported closure of Short positions. In fact N-R have more open Long positions than Institutions. CXY improved its position for the said week however it saw huge dump last week with price showing some sign of recovery end of the week. We can expect further recovery this week.
4H > Price is finding support of upward trend-line, it is currently moving to the upside but we can see rejection wick from resistance level. We expect price to reverse to the downside with a pause at support trend-line.
Recommendation > Market is ideal for swing as well as intraday trading with each daily candle moving about 100 pips.
Pair Correlation: GBPCAD has positive correlation with GBPCHF, GBPUSD, GBPJPY and GBPNZD and negative correlation with EURGBP.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
M > Market is moving in a well respected horizontal structure (of course with minor breakouts). Price moved up to test structural resistance and dropped till monthly support to face rejection again. While dropping each month bottom wick was getting filled by next monthly candle however this could mot happen last month.
W > On its way down price created an M formation and as expected it moved up to test the neck before continuing with bearish move. Price dropped till 0.768 Fib level on last bullish impulse before reversing to the upside.
D > Price is moving in a triangle respelling trend-lines as resistance and support, price reversed to the downside from daily supply zone. Switching to line chart we can see a W formation and can expect price to drop till its neck.
As per COT GBP saw closure of both Long and Short, in effect reducing net positions. Even Commercials have closed both Long and Short reducing open interest to least in current year. BXY ended said week in a Doji after strong buying pressure during start of the week but it weakened last week. BXY is currently moving in a rising channel, price surged 2 weeks ago hit resistance and dropped near support of channel last week. We can expect slight upward move this week. CAD has not seen much movement for Long in last 2 weeks but it reported closure of Short positions. In fact N-R have more open Long positions than Institutions. CXY improved its position for the said week however it saw huge dump last week with price showing some sign of recovery end of the week. We can expect further recovery this week.
4H > Price is finding support of upward trend-line, it is currently moving to the upside but we can see rejection wick from resistance level. We expect price to reverse to the downside with a pause at support trend-line.
Recommendation > Market is ideal for swing as well as intraday trading with each daily candle moving about 100 pips.
Pair Correlation: GBPCAD has positive correlation with GBPCHF, GBPUSD, GBPJPY and GBPNZD and negative correlation with EURGBP.
Thank You
AP17FX
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