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Kaetea_Ng
Aug 19, 2019 7:03 AM

Head & Shoulder Reversal + Double Top - USDCAD August 19th 2019 Short

U.S. Dollar/Canadian DollarFXCM

Description

Hello traders,

We have several reversal signs on the USDCAD to go short. The USDCAD has printed a double top at the resistance 1.33391 with a Head&Shoulders pattern on the second test.

We then broke below the support 1.32858 and now we are looking for a shorting opportunity.

On the lower timeframes, we see a consolidation pattern below the broken support 1.32858. Placing a Stop-Order below that consolidation is an entry option.

SL is set above 1.32858 with a target at the next support level at 1.32144.

I wish you all a great trading week!
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