USDCAD - Swing Trading Idea - Trend Continuation

Hi Traders!
The market is in a Shortterm Uptrend (50MA) and also in a Longterm Downtrend (200MA).

The Key Areas are:

• Trendline "Daily Trendline" - descending, resisting
  
• Trendline "Shortterm Trendline" - ascending, supporting
  
• Resistance @ 1.37000
  
• Support @ 1.33000
  
• 200 EMA - resisting
  
• 50 EMA - supporting
  
  Category:
  - Swing Trade
  - Weak Trend Continuation
  - Pullback
  
  Description:
  As you can see the market was moving all the way down until the Support at 1.33000.
  Then it started to raise and reached the Resistance at 1.37000.
  It falled again a bit and climbed up again too.
  
  Here we have some factors, which is going to press the price lower NOW.
  The first thing is the overall Downtrend. This could be seen as a weak confirmation, because the market can easily change its direction.
  But then we also have the Daily Trendline. This is going to consolidate with the price and it's an important factor.
  In addition we have the 200MA, which is now touching the price.
  And the market is at the Resistance.
  
  We recommend to trade the Breakout of the Shortterm Trendline.
  
  
  
  Thanks and successful Trading :)!
  

Komentarz:

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