USD/CAD Analysis
Updated
We are at a 50/50 area, where this could be either a long or a short. By the looks of it, the avalanche of data due tomorrow will be where the trend is decided.
Last time we had an RSI divergence, the pair dropped like the price of greek bonds, so seeing the second divergence means we could possibly expect an equally strong swing.
Personally, the EMA line is a strong confirmation: whether the candle will bounce off it or it will cross and close on the other side of the line.
So even though during this current uptrend I drew trendlines, my support is the red EMA line. If the 1H candle closes under, it might be a good sell (other rules also apply).
I also expect the RSI to cross over the 60 or 40 line in order to confirm.
I will follow this pair on the 15 and 30 minute mostly.
I am a noob so please do give feedback.
Last time we had an RSI divergence, the pair dropped like the price of greek bonds, so seeing the second divergence means we could possibly expect an equally strong swing.
Personally, the EMA line is a strong confirmation: whether the candle will bounce off it or it will cross and close on the other side of the line.
So even though during this current uptrend I drew trendlines, my support is the red EMA line. If the 1H candle closes under, it might be a good sell (other rules also apply).
I also expect the RSI to cross over the 60 or 40 line in order to confirm.
I will follow this pair on the 15 and 30 minute mostly.
I am a noob so please do give feedback.
Note
seems to be holding nicely. careful with the news in one hour (approx.)
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