Looking at GBPCAD on the D1 charts
GBPCAD shows strong upward sentiment since Feb 2013
- Month to Month for almost 2 years now, price has been strongly moving upwards.
- Current month did a WR of March 2014 low, showing that the up sentiment is still unchanged.
- Price is currently at resistance of Jan 2014 high.
Price at immediate resistance of previous month high
- On closer inspection, a 1234 pattern can be seen on the D1 charts spanning a duration of almost 2 months.
- Price has since done a WR as well as cleared F6 (Fib-R from pt1 to pt4)
- Next immediate resistance it has to clear is high of Jan 2014
Equidistant Channel offers possible predication of space available
- As there isn’t much historical data available (Using AxiTrader price feeds) to help us determine upwards resistances, we can make use of an equidistant channel to predict the available space for price to travel.
- Next resistance after Jan 2014 high would be Feb & Mar 2014 high.