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Technical Analysis

Daily Technical Analysis: GBP/CAD Inverted Head And Shoulders Pattern On Intraday Time Frame

Typography

In the lack of any major driver today, the GBP/CAD is still bullish ,after the retracement from the weekly H4 camarilla pivot. At this point, we can see a bullish SHS (inverted head and shoulders pattern) that cues for an uptrend continuation. 1.6493-1.6506 (bullish shs, trend line, 2 hammers, historical buyers, 61.8, D3) is the POC zone and the price might reject. Above 1.6520 we might see a continuation towards 1.6540, 1.6565 and 1.6602. D L4 -1.6477 should hold for the bullish SHS pattern to succeed. Below 1.6475 we might see the pattern invalidation, leading to 1.6440.

About the Contributor
Admiral Markets
Author: Admiral MarketsWebsite: http://www.admiralmarkets.com/
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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