Akil_Stokes
Short

USDCAD: A Run Into Resistance w/RSI Overextended

FX:USDCAD   U.S. Dollar/Canadian Dollar
Keeping a close eye on USDCAD             this morning as price action makes it's way into previous structure resistance . I like to call these areas of the market "Decision Points" because depending on how price action reacts at this level, I'll know whether to look for a long or short opportunity.

If you take a look at the RSI we've become massively overextended (above the 80 mark). This DOESN'T mean a reversal is on the way, but it's certainly something that we can use to help build a case when combined with other factors.

Unless we get a higher high higher close above resistance I'll be looking for a short to add to my current GBPJPY             & EURJPY             long positions.

Hope this was informative traders!
Comment: Double top invalidated. No longer looking for Shorts on this Pair.
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May get some bearish divergence formed soon on the 4H RSI (14 period) which is one of the signals I use.
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could this be a bearish butterfly pattern?
+2 Reply
Akil_Stokes PRO WilliamSurya
Yes, the current move can be part of the C to D completion for a potential bearish butterfly on the daily timeframe
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now it's a short point, isn't ?
+1 Reply
Akil_Stokes PRO d.abdelrhmansabry
Only your trading plan can answer the question of weather you should get short or not. It is certainly in an area where I would look to get short vs. getting long
+1 Reply
Looks like its on a mission to offer us a chance for a re entry.
+1 Reply
A double top would be nice
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PaganZonda Akil_Stokes
Indeed broe...!
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In at 1.3120 small lot then added to position 3100 the retest and dovish fundamental news. Hope Dollar Index further collapses and oil makes a bull run. Good analysis indeed. Thanks for the share.
+1 Reply
Thanks, and good luck with your trade!
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