USDCAD has reached the 1.38600 support zone and is showing signs of rejection. If bullish candle closures remain then I can see buying at these levels should prove profitable.
There is a 1hr bearish trend in play (trendline shown) so watch for price reactions there. If that TL breaks to the upside then 1.40200 and even 1.42500 could be achieved.
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Nice 1hr bearish trend forming on gold. The bullish 1hr TL and 50ema have been broken.
Price is now retesting the daily pivot level, 1hr 50ema and previous support at $1498
I am looking to short gold on these 1hr pullbacks back down to the previous lows and support at $1460
Classic, simple trendline break trade.
It is good to wait for a lower low to be made for the trend reversal to be confirmed. Then I like to enter on the next lower high for a better R:R entry.
Use the 1hr 50ema and daily pivot as dynamic resistance once both are broken and the retested from below.