Here on the USDCAD, price has been flowing in a strong bearish trend currently but recently has been attempting to push to a bullish outbreak. Price is failing to reach higher Hi's and has been rejected multiple times within the major zone of resistance @1.3236-1.32578. on the daily time frame we can also see an amassed amount of long wicks showing a loss of strength within the bulls which also depicts a potential opportunity to sell. In this week commencing, i am hoping to see a push up to this level of resistance and to see signs of reversal or fail to reach a higher Hi to enter into a sell. However it is also possible to see a break above this level of resistance followed by a retest which could act as a support for a start of a bullish push. Happy trading!
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Subrato-Nandi
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I didn't understand it properly, can you explain me it in short?
eraxular
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@Subrato-Nandi, From what I saw at the time, price was rejecting any movement above the level 1.3210, i was looking for price to come back up to this level and show yet another sign of rejection and a bearish push but as we can see USDCAD shot up an amassed amount, I ended up taking a long trade due to the break above this major level of structure and also not seeing signs of bearish potential in this currency. I hope this has helped for you to understand.
CFDStephenwood
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It's like watching your work
UnknownUnicorn5874786
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you should of traded the break of the grinding channel... set buy and sell stops above the key levels of significance.
We also have an analysis of the same pair, let us know what do you think of it!