MarketBreakdown | USDCAD, GBPAUD, GBPCAD, AUDCHF

8 Apr 2021

1️⃣ USDCAD - Daily time frame

The market is trading in a strong bearish trend.
The price is following a major falling parallel channel.

Now the price tests its resistance.
For trend followers, it can give a nice opportunity to catch a bearish continuation.

For breakout traders, bullish violation may initiate a strong bearish wave.

1.2725 next resistance
1.24 next support

2️⃣ GBPAUD- Daily time frame

The price is trading in a mid-term bullish trend.

Higher lows respect a rising trend line.

For trend following opportunities, consider a test of a trend line.
For shorting, wait for its bearish breakout.

1.83 next resistance
1.775 next support

3️⃣ GBPCAD - 4H time frame

The price is currently ranging.

Consider the boundaries of the range for intraday trading.

For swing trading, wait for range breakout to the downside.

1.72 next support

In case of its bullish breakout, bias will change to bullish.

4️⃣ AUDCHF - Daily time frame

The price broke and closed below major daily support.

Now bias is bearish and bearish continuation is expected.
I am looking for an intraday confirmation to short.

0.70 next support

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