GBP/CAD 4H Chart: Pressure by 50-hour SMA - Trade Pattern Ideas - Dukascopy Bank

Tue, 28 May 2019 05:28:06 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)SellSellNeutral
SAR(0.02;0.2)BuySellSell
Aggregate

The GBP/CAD exchange rate made a pullback from the upper boundary of a junior descending channel pattern at 1.7700 on May 6. The pair were closely guided down by the 50-hour simple moving average.

The currency pair hit a psychological support level at 1.6900 on May 22. The rate made a brief retracement north after reaching the support line as mentioned above. However, the 50-hour SMA provided resistance for the pair at 1.7097.

By and large, if the resistance level formed by the 50-hour SMA holds, the currency exchange rate will continue its southern movement during the following trading sessions.


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