markboateng91

USDCAD RSI DIVERGENCE + FALLING WEDGE REVERSAL - H4 *UPDATED*

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Please zoom out to see my chart fully.

Highly likely reversal on USD/CAD .

This is because we can see RSI oversold divergence on the H4 chart at a key level of daily support (the black line). Price makes a lower low to the key daily support line (the black line), whilst the RSI makes a higher high, a new swing high on the RSI when the price has in fact made a new swing low - DIVERGENCE.

We also have a lovely double top pattern on the H4 chart at daily support (which is again the black line) that has failed to make a lower low.

However before I enter this trade, I want to see a H4 candle close its body above the trend line to signify a trend line break . Then I will look for long (BUY( trades on intraday timeframes.

DISCLAIMER: DO NOT TRADE THIS IDEA. IT IT NOT 100% GUARANTEED TO WIN AND YOU MAY LOSE MONEY. TRADING INVOLVES RISK.