My bias on Short comes with multiple confirmations to support my confluence package to short USDCAD in near future.
1. Price has reached it's potential upside target for third consecutive term of resistance where price has slowed down showing low bullish momentum and strong selling sensitivity at the price of 1.33300 - 1.33400 region of consolidated zone.
2. Price has slowed down since 19 nov 2019 for the last 5 consecutive trading days, aligning well with clear insight of supply zone for selling activity to roll in.
3. We can identify "triple top pattern" at our highlighted Orange Zone Rectangle Box
4. This region of 1.33300 - 1.33400 was a strong support zone in the past during price broke out to set a new higher high 1.36500 ( first week of jan 2019 ) further followed by a new lower high then 1.36500 ( first week of june 2019 ) but a higher high ( 1.35000 ) then current price at 1.33000, we can clearly identify our current price region to be our resistance which was major support level in the past few months.
5. Finally 61.8 fib align well with our current price stigma to indicate bearish supply rolling in soon somewhere this week or next.
6. Price for entry 1.32770 for 1:3 RR
Risk 40 Pips for 120 Pips gain
TP1: 1.32341
TP2: 1.31970
TP3: 1.31570
Let it be fruitful
1. Price has reached it's potential upside target for third consecutive term of resistance where price has slowed down showing low bullish momentum and strong selling sensitivity at the price of 1.33300 - 1.33400 region of consolidated zone.
2. Price has slowed down since 19 nov 2019 for the last 5 consecutive trading days, aligning well with clear insight of supply zone for selling activity to roll in.
3. We can identify "triple top pattern" at our highlighted Orange Zone Rectangle Box
4. This region of 1.33300 - 1.33400 was a strong support zone in the past during price broke out to set a new higher high 1.36500 ( first week of jan 2019 ) further followed by a new lower high then 1.36500 ( first week of june 2019 ) but a higher high ( 1.35000 ) then current price at 1.33000, we can clearly identify our current price region to be our resistance which was major support level in the past few months.
5. Finally 61.8 fib align well with our current price stigma to indicate bearish supply rolling in soon somewhere this week or next.
6. Price for entry 1.32770 for 1:3 RR
Risk 40 Pips for 120 Pips gain
TP1: 1.32341
TP2: 1.31970
TP3: 1.31570
Let it be fruitful