Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CAD falling inside minor impulse wave 3
2021-11-11 • Updated
- GBP/CAD falling inside minor impulse wave 3
- Next sell target - 1.6500
GBP/CAD continues to fall inside the minor impulse wave 3, which started earlier from the resistance level 1.6800 (which is the lower border of the resistance zone which has been steadily reversing this currency pair from the end of November, as can be seen below). This resistance zone was further strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous sharp downward impulse from September.
GBP/CAD is expected to fall to the next sell target at the support level 1.6500 (former key resistance level, which revered the pair multiple times in February and March).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.