USD/CAD-Overall analysis
Hello everybody,I want to share this with you!
-On USD/CAD on daily time frame we can see that price was mowing in bullish direction and now price is in supply zone,WHY?-Because we had almost 40 touches and rejections within that zone and we have yellow support zone which was also resistance zone in the past with more than 25 touches.If we have lot of touches and retests that means that zone is strong.
-USD on weekly base is at strong 68 level while CAD is at solid 61 level.
-We can see that price was rejected in that zone so if CAD gain some power and USD lose its power we can expect rejection and bearish movement,if USD and CAD remains the same we can expect further bullish movement.
-I recommend to wait for fundamental news during this weekend so we can see what is going to happen.
-WHAT DO YOU THINK ABOUT THIS SETUP? Please let me know in comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support,i will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.The information given is not a Financial Advise.
-On USD/CAD on daily time frame we can see that price was mowing in bullish direction and now price is in supply zone,WHY?-Because we had almost 40 touches and rejections within that zone and we have yellow support zone which was also resistance zone in the past with more than 25 touches.If we have lot of touches and retests that means that zone is strong.
-USD on weekly base is at strong 68 level while CAD is at solid 61 level.
-We can see that price was rejected in that zone so if CAD gain some power and USD lose its power we can expect rejection and bearish movement,if USD and CAD remains the same we can expect further bullish movement.
-I recommend to wait for fundamental news during this weekend so we can see what is going to happen.
-WHAT DO YOU THINK ABOUT THIS SETUP? Please let me know in comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support,i will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.The information given is not a Financial Advise.
Note
-If you decide to go short,this can be good risk reward trade,you can go with 1:3 RRR-But that is just my opinion!Note
Supply zone is zone where price is over bought,in supply zone sellers are trying to find opportunity to sell.Note
I wrote ther insted of there, sorry for that 😊
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.