This has retraced nicely to the point I marked out in my previous analysis for the pair. This is a good shorting entry to the target of 1.22500 with SL just above the resistance level. MACD is still below 0 so that signifies this is still bearish and EMA's are very close to crossing but I expect this to drop from here.
This has broken below a support, it now offers a chance to short this further but we need to see a retrace first for an opportunity to enter the trade. A retrace to at least 0.382 Fibonacci is required, then if and when it rebounds the short can be entered with a target of 1.22500 with SL just above the support level.
The overall chart from the 17th March 2020 it has bean bearish for this pair till date.
There are 2 markers for the chart which I have drawn to have a clear pictur of the trend. With a long term the market is going to touch the bottom support line before reversal.
I am still short on this pair to get more PIPS.
This analysis is not recommended or do not take...
First post here so any feedback most welcome. There will be a much better understanding of where price is likely to go in the first couple of days this week.
GREEN - Ideal Set Up
RED - Secondary Set Up
We form a bull flag just above the current double top area to continue to the upside as we have seen over...
Price tests the support zone and looks like it's going to form a pin bar. If price does remain above support, it would confirm my prediction that price will form a H&S pattern.
On the 1H chart, we can see the H&S more clearly the previous test showed a bullish engulfing candle and on the current test of support we see another candlestick pattern on the...
previously that purple box was our support line, this pair broke the support line and now purple box area is our resistant line, week ahead we may see more down trend. Trade with correct risk management... our goal is to become profitable trader. Do all the possible analysis before you place any trade and its about finding the best entry point. Good luck traders !!
USDCAD had a bullish engulfing candle on daily chart followed by rejection at key level at 1.32230 on 4 hourly chart suggesting likely short set short up.
Suggested set up:
Entry @ 1.32230
Stop loss @ 1.32723
TP1 @ 1.31475
TP2 @ 1.30810
TP3 @ 1.30016
TP4 @ 1.29290