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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/CAD falling inside minor C-wave

  • GBP/CAD falling inside minor C-wave
  • Next sell target - 1.8500

GBP/CAD continues to fall inside the minor C-wave of the intermediate ABC correction (B), which started earlier - when the pair reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance zone lying between the resistance level 1.9200 (top of the previous minor correction 4 from March), upper daily Bollinger Band and the 38.2% Fibonacci correction level of the previous sharp downward impulse from January.

GBP/CAD is likely to fall further toward the next sell target at the support level 1.8500 (low of the previous minor correction (ii) and the target price calculated for the termination of the active impulse wave C).

 

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