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Last rally is showing clear signs of weakness. Price found strong resistance near the top and formed multiple dojis.
From the technical perspective we can see a double top formation called "adan and eve".
Indicators also support this view:
- bearish divergence on macd
- RSI trendline broken
- bearish divergence on stoch
Next week we have no strong USD news till friday (retail sales), so i expect a technical decline the first days of the week.
If the news are negative price could reach last lows.
Best regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
From the technical perspective we can see a double top formation called "adan and eve".
Indicators also support this view:
- bearish divergence on macd
- RSI trendline broken
- bearish divergence on stoch
Next week we have no strong USD news till friday (retail sales), so i expect a technical decline the first days of the week.
If the news are negative price could reach last lows.
Best regards.
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Comments
because it actually is . There is a big difference between going up in real up treand , and going up for rejection by pushing .
USD/CAD is going up by pushing , that means no support . Resistance is ready with the short positions. For sure our place is there ,as well , waiting for the short .
Anyway let see what happened in the past . USD/CAD appear on market , support 1.25 , made a break through 1.40 , and fell from its support immidiately . Since that moment destiny is written . Next movement up is rejective level 1.618 reject , everyone know that level , and the price is actually falling down . Every movement up is corrective .
Every pair suppose to have a proper support , some pairs will pay for their big tops made by pushing , like gbp/usd .. eur/usd as well is not with a good support .
Just one more thing about USD /CAD , be reasonable and leave this one to push up and get ready for long term short . https://dwq4do82y8xi7.cloudfront.net/x/iqNB9FDU/