GCAD Daily Analysis
Updated
Daily: The price has rejected off the bottom of the downward channel. A rebound may be in order. A sustained move above 1.7125 would target the upside at 1.72 & 1.725. A closed & rejection off 1.7125 would target the downside 1.7.
4H: The price has rally off 1.71 before being held off at the 1.7125 region. A close above would prompt the price to the upside at 1.72. However if it failed to close above 1.7125, the price would continue the descent to 1.7. More confirmation is needed.
1H: The price is currently respecting a minor uptrend. However, the upper move seems to be diminishing which could be a potential sign of a Rising Wedge. More confirmation is needed. A break below 1.7125 would confirm the formation & bearish bias.
Trade closed: stop reached
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