USD/CAD Key Level Approaching
Zaktualizowano
- We are approaching a key support level of 1.3857 on the 4H time frame. Price failed to create a lower low despite making lower highs.
- A bounce off of this level seems likely; however, a buy should be accompanied with a tight stop loss. If price breaks the support, I believe we will see a steep selloff to enter a solid bear market- plenty of room to fall.
- The RSI will be a very important indicator for this trade, as it is key in horizontal price movement. If we see an oversold price without divergence, a buy would be favorable. Bearish divergence, however, looks very plausible, in which case shorts would look favorable.
- A bounce off of this level seems likely; however, a buy should be accompanied with a tight stop loss. If price breaks the support, I believe we will see a steep selloff to enter a solid bear market- plenty of room to fall.
- The RSI will be a very important indicator for this trade, as it is key in horizontal price movement. If we see an oversold price without divergence, a buy would be favorable. Bearish divergence, however, looks very plausible, in which case shorts would look favorable.
Komentarz
Didn't quite reach out target so a trade was not placed. Next move is to wait for shorts at the higher resistance levels.
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