This is a fascinating chart! GBP/CAD
1. What a range! The 800 SMA is holding the top, and this support line is pretty impressive. Ranges don’t last forever, though.
2. There is obvious buying and selling space in this chart.
3. RSI went below 30, but price didn’t tank. That seems meaningful. Either a delayed reaction, or the range will pull price up into the box.
1. Working plan is to watch for cable to demonstrate strength, and buy for a piece of that range as RSI heads for 50 and price heads for the Combo Lines. No entry orders for me right now.
2. We are also waiting for USD/CAD to venture out of it’s tight safe range. When that happens we may have a clue about direction, and capture a piece of this space in either direction.
We are waiting and watching the market right now, but I have outlined my trade potential across many pairs in preparation for the oncoming storm.