USDCAD - Short/Long
4h fib
potential to break support and retrace to 61.8.
61.8 is strong resistance zone so it could be expected that price creates a new support here.
if support is formed then we can expect price to continue the bullish momentum.
on top of that, USD is very strong at the moment. so i have no doubt price will rise again.
so once price retraces i will be buying the usd and finding a potential TP zone once the criteria have been met. it will more than likely be the resistance zone. unless bad US news comes out over the weekend my analysis should be right.
if price retraces at 38.2% then it will be a better confirmation that price will continue up as the previous HL will not be broken.
in between all of this there is the opportunity to scalp and short the USD to the retrace zone.
strong LTF bearish movement suggest that we could short the dollar. including the support being broken and also long body bear candles.
potential to break support and retrace to 61.8.
61.8 is strong resistance zone so it could be expected that price creates a new support here.
if support is formed then we can expect price to continue the bullish momentum.
on top of that, USD is very strong at the moment. so i have no doubt price will rise again.
so once price retraces i will be buying the usd and finding a potential TP zone once the criteria have been met. it will more than likely be the resistance zone. unless bad US news comes out over the weekend my analysis should be right.
if price retraces at 38.2% then it will be a better confirmation that price will continue up as the previous HL will not be broken.
in between all of this there is the opportunity to scalp and short the USD to the retrace zone.
strong LTF bearish movement suggest that we could short the dollar. including the support being broken and also long body bear candles.
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