Evening traders,
Today’s Analysis – USDCAD – breaking key support where a bearish retest will allow for a short with defined risk.
Points to consider,
- Trend line resistance
- Structural support retest
- Range median (local support)
- RSI oversold
- Stochastics extended
- Volume needs to increase
The trend line resistance has made USDCAD put in consecutive lower highs leading into a break of structural support.
The range median is current local support, respecting this area will increase the probability of a bearish retest.
RSI is currently oversold; a move back into structural support will cool of the oscillator. The stochastics is in the lower regions, no official buy cross as momentum is still shifted down.
The bear volume nodes must increase upon the bearish retest for further downside confirmation.
Overall, in my opinion, a short trade will be valid on USDCAD as long as a bearish retest comes to fruition.
This will allow for an entry with defined risk.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee
Today’s Analysis – USDCAD – breaking key support where a bearish retest will allow for a short with defined risk.
Points to consider,
- Trend line resistance
- Structural support retest
- Range median (local support)
- RSI oversold
- Stochastics extended
- Volume needs to increase
The trend line resistance has made USDCAD put in consecutive lower highs leading into a break of structural support.
The range median is current local support, respecting this area will increase the probability of a bearish retest.
RSI is currently oversold; a move back into structural support will cool of the oscillator. The stochastics is in the lower regions, no official buy cross as momentum is still shifted down.
The bear volume nodes must increase upon the bearish retest for further downside confirmation.
Overall, in my opinion, a short trade will be valid on USDCAD as long as a bearish retest comes to fruition.
This will allow for an entry with defined risk.
What are your thoughts?
Please leave a like and comment,
And remember,
“You have power over how you'll respond to uncertainty.” ― Yvan Byeajee
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.