SMC trading point update
Technical analysis of USD/CAD on the 3-hour timeframe reflects a bearish market outlook. Here’s a breakdown of the idea:
---
Trend Overview:
The pair is in a clear downtrend, confirmed by:
Lower highs and lower lows
Price trading below the 200 EMA
A bearish flag pattern in play
---
Key Zones & Levels:
1. Resistance Zones (Yellow boxes):
Upper zone (~1.3835 area): Previously tested and rejected (marked by the red arrow).
Mid-zone (~1.3745 area): Labeled as a resistance level, previously support turned resistance.
2. Support Zone:
The price is heading toward a projected target point at ~1.35584, which aligns with previous support.
---
Bearish Confirmation:
The price attempted a retracement but failed to break above the resistance level.
The structure shows a bearish continuation pattern, suggesting a move downward is likely.
---
Indicators:
RSI (Relative Strength Index):
Currently near 37, not oversold yet, but suggests bearish momentum is still strong.
Also shows slight bearish divergence (lower highs on RSI while price was consolidating).
---
Projection/Trade Idea:
Scenario: Break and retest of the current level (~1.3679), with a continuation to the target at 1.35584.
Risk Areas: Any break above 1.3745 could invalidate the setup.
Confirmation: A clean bearish candle below the minor support could confirm entry for short sellers.
Mr SMC Trading point
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Summary:
This is a supply-and-demand + structure-based bearish setup. The market is showing weakness below resistance, and the next logical target is 1.35584, barring any macroeconomic reversal (e.g., USD or CAD news).
Please support boost 🚀 this analysis)
Technical analysis of USD/CAD on the 3-hour timeframe reflects a bearish market outlook. Here’s a breakdown of the idea:
---
Trend Overview:
The pair is in a clear downtrend, confirmed by:
Lower highs and lower lows
Price trading below the 200 EMA
A bearish flag pattern in play
---
Key Zones & Levels:
1. Resistance Zones (Yellow boxes):
Upper zone (~1.3835 area): Previously tested and rejected (marked by the red arrow).
Mid-zone (~1.3745 area): Labeled as a resistance level, previously support turned resistance.
2. Support Zone:
The price is heading toward a projected target point at ~1.35584, which aligns with previous support.
---
Bearish Confirmation:
The price attempted a retracement but failed to break above the resistance level.
The structure shows a bearish continuation pattern, suggesting a move downward is likely.
---
Indicators:
RSI (Relative Strength Index):
Currently near 37, not oversold yet, but suggests bearish momentum is still strong.
Also shows slight bearish divergence (lower highs on RSI while price was consolidating).
---
Projection/Trade Idea:
Scenario: Break and retest of the current level (~1.3679), with a continuation to the target at 1.35584.
Risk Areas: Any break above 1.3745 could invalidate the setup.
Confirmation: A clean bearish candle below the minor support could confirm entry for short sellers.
Mr SMC Trading point
---
Summary:
This is a supply-and-demand + structure-based bearish setup. The market is showing weakness below resistance, and the next logical target is 1.35584, barring any macroeconomic reversal (e.g., USD or CAD news).
Please support boost 🚀 this analysis)
Trade closed: target reached
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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.
(Services:✔️ JOIN Telegram channel
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
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.