GBP/CAD 4H Chart: Moving towards target - Trade Pattern Ideas - Dukascopy Bank
Tue, 11 Jun 2019 05:45:10 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇒
⇘
The 50-hour simple moving average guided the British Pound lower against the Canadian Dollar during last week's sessions. The currency pair reached near January low at 1.6829 during the early hours of Tuesday's trading session.
As for the near future, it is likely that the GBP/CAD exchange rate will continue its downward swing. The potential downside target will be near the bottom border of a descending channel pattern at 1.6612.
However, a support cluster formed by the combination of the weekly and the monthly PPs at 1.6829 could provide support for the currency exchange rate during the following trading sessions.
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