Here is a trade I am looking to enter on USDCAD.
My current bias is BULLISH, here are my reasons why;
1) Touched a key level and currently failing to break below.
2) Spinning top candle forming may indicate a move in the opposite direction, as selling momentum has slowed down.
3) We have seen multiple touch and bounces to the upside at this area before.
4) Multiple BULLISH candles on smaller time frames, and we are testing the upper part of this support area. If we break out, I think we will continue to move upwards.
I'll be placing an order and monitoring this pair closely today.
My current bias is BULLISH, here are my reasons why;
1) Touched a key level and currently failing to break below.
2) Spinning top candle forming may indicate a move in the opposite direction, as selling momentum has slowed down.
3) We have seen multiple touch and bounces to the upside at this area before.
4) Multiple BULLISH candles on smaller time frames, and we are testing the upper part of this support area. If we break out, I think we will continue to move upwards.
I'll be placing an order and monitoring this pair closely today.
Comment:
We have closed above the support level and are stuck in a consolidation zone. I still expect to see a move upwards from here.
I got quite a lucky trade placement on this one, and my order hasn't activated of yet, keeping me out of this consolidation period.
Setting up to be a good trade!