BabyPips.com FX-Men Team
BabyPips.com
GBP/CAD: 4-hour
For the fans of break-and-retest setups out there, y’all didn’t think I’d miss this one on GBP/CAD’s 4-hour forex chart, did ya? After breaking below the head and shoulders neckline around 2.0150, the pair dipped to a low of 1.9735 before bouncing back up. Using the Fib tool on the latest swing high and low shows that the broken neckline support coincides with the 50% Fibonacci retracement level, which might hold as resistance. This is also close to the dynamic inflection point at the 200 SMA. Stochastic just reached the overbought zone so the bullish momentum might fade soon, allowing sellers to take over and push the pair back to the previous lows or much lower. A higher pullback to the 61.8% Fib could be possible, but a break above that level might mean that an uptrend is brewing.
BabyPips.com does not warrant or guarantee the accuracy, timeliness or completeness to its service or information it provides. BabyPips.com does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading at their own risk and BabyPips.com shall not be responsible under any circumstances for the consequences of such activities. Babypips.com and its affiliates will not, in any event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.