USDCAD Sell on Bearish Retest|Structural Support|Range Median
Evening traders,
Today’s Analysis – USDCAD – breaking key support where a bearish retest will allow for a short with defined risk.
Points to consider,
- Trend line resistance
- Structural support retest
- Range median (local support)
- RSI oversold
- Stochastics extended
- Volume needs to increase
The trend line resistance has made USDCAD put in consecutive lower highs leading into a break of structural support.
The range median is current local support, respecting this area will increase the probability of a bearish retest.
RSI is currently oversold; a move back into structural support will cool of the oscillator. The stochastics is in the lower regions, no official buy cross as momentum is still shifted down.
The bear volume nodes must increase upon the bearish retest for further downside confirmation.
Overall, in my opinion, a short trade will be valid on USDCAD as long as a bearish retest comes to fruition.
This will allow for an entry with defined risk.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee
Today’s Analysis – USDCAD – breaking key support where a bearish retest will allow for a short with defined risk.
Points to consider,
- Trend line resistance
- Structural support retest
- Range median (local support)
- RSI oversold
- Stochastics extended
- Volume needs to increase
The trend line resistance has made USDCAD put in consecutive lower highs leading into a break of structural support.
The range median is current local support, respecting this area will increase the probability of a bearish retest.
RSI is currently oversold; a move back into structural support will cool of the oscillator. The stochastics is in the lower regions, no official buy cross as momentum is still shifted down.
The bear volume nodes must increase upon the bearish retest for further downside confirmation.
Overall, in my opinion, a short trade will be valid on USDCAD as long as a bearish retest comes to fruition.
This will allow for an entry with defined risk.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee