GBPCAD (Daily) SHORT IDEA: Is it time to BREAK the TRENDLINE?
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TECHNICAL ANALYSIS:
-Since the beginning of April 2020, the price has been following a long downtrend, until the end of June, where the price bounced twice on an important weekly support zone.
After the second rejection, the price hasn't been able to retest and break the support level, starting a new uptrend until it reached the resistance level at about 1.74000.
-The weekly resistance zone, rejected and quickly reversed the market in a downtrend until the previous support level.
-Since the half of September, the price started a new uptrend, following a clear ascending channel. Once it reached the resistance zone, it collapsed down but quickly back to the uptrend.
CONCLUSION:
-The price has been rejected from the resistance zone many times, and it actually happened again, that's definitely a strong level.
I aspect the price falling down, reaching the next support level at about 1.70000.
I'd eventually entry short only if the price will clearly break the trendline.
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TECHNICAL ANALYSIS:
-Since the beginning of April 2020, the price has been following a long downtrend, until the end of June, where the price bounced twice on an important weekly support zone.
After the second rejection, the price hasn't been able to retest and break the support level, starting a new uptrend until it reached the resistance level at about 1.74000.
-The weekly resistance zone, rejected and quickly reversed the market in a downtrend until the previous support level.
-Since the half of September, the price started a new uptrend, following a clear ascending channel. Once it reached the resistance zone, it collapsed down but quickly back to the uptrend.
CONCLUSION:
-The price has been rejected from the resistance zone many times, and it actually happened again, that's definitely a strong level.
I aspect the price falling down, reaching the next support level at about 1.70000.
I'd eventually entry short only if the price will clearly break the trendline.
❤️If you enjoy my FREE Technical Analysis , let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
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