The price reached the support level 1.3200 and is going to bounce. RSI confirms price reversal and we could open long trades, but if we trade based on daily chart we need more confirmation. Wait for MACD histogram reversal and it will be an additional signal for possible up movement. DMI confirms strong down movement and for opening long trades it's better to wait for falling ADX line. If price breaks the support level 1.3100, we'll have to think about entry levels for short trades.
Thanks for your great analysis!
Here is my view on USD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
DLavrov
⋅
@Trader_Dale, thanks for your comment and sharing your chart, Dale! It's great!
Here is my view on USD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale