UC Ready For Another Strong Bearish Move?
USDCAD is still struggling to break the support zone at 1.315 - 1.316. However, looking at the 1H chart we see multiple indications of a downtrend.
1. Price got rejected of Fibonacci R2 level and have seen a downward move since
2. After rejection, price came back below R1 and then crossed back to the upside but failed to stay above forming a Lower High
2. Price did not complete a lower low, however, did see the closing price lower than since we broke above the support level
3. 5 EMA and 10 EMA have crossed the 21 EMA
4. 5, 10, 21 EMA are all below the 50 SMA
5. Price is well below the 50 SMA
6. We closed the week just below the 100 SMA on the 1H time frame (SMA is in the middle of the candles body at the moment).
7. 200 SMA in a neutral position with no slope after a slope downward indicating price may be consolidating for a strong bearish move
7. MACD has crossed to the downside with a weak move on the upside prior to the crossover
If you see others indications for the bearish move or if you see reasons for this pair making a bullish move, please comment below. I'd love to hear your feedback.
Happy trading.
1. Price got rejected of Fibonacci R2 level and have seen a downward move since
2. After rejection, price came back below R1 and then crossed back to the upside but failed to stay above forming a Lower High
2. Price did not complete a lower low, however, did see the closing price lower than since we broke above the support level
3. 5 EMA and 10 EMA have crossed the 21 EMA
4. 5, 10, 21 EMA are all below the 50 SMA
5. Price is well below the 50 SMA
6. We closed the week just below the 100 SMA on the 1H time frame (SMA is in the middle of the candles body at the moment).
7. 200 SMA in a neutral position with no slope after a slope downward indicating price may be consolidating for a strong bearish move
7. MACD has crossed to the downside with a weak move on the upside prior to the crossover
If you see others indications for the bearish move or if you see reasons for this pair making a bullish move, please comment below. I'd love to hear your feedback.
Happy trading.
Trade active:
Stalled out at Monthly Fibonacci pivot point at the moment. Lots of spinning top candles forming with long wicks. Major indecision in price action but other indicators are still looking to the downside.
Trade closed: stop reached:
After struggling with the monthly pivot point, SL's were moved to 1.314 and got stopped out this morning above BE.
