USD/CAD - big correction move incoming - sell on 1D
Market price reached almost 61,8 fibonacci retracement line and showed first resistance.
-200 day moving average (red line) near bearish crossing with 100 day moving average line (blue line) - this would be a very bearish signal.
-RSI on daily chart reached heavy overbought area
-Stochastic RSI on daily chart is already heavy overbought since days and need an correction
-MACD baselines are near bearish crossing which brings sellers into the market
-Bollinger bands downside started down movement which implements correction movement
-200 day moving average (red line) near bearish crossing with 100 day moving average line (blue line) - this would be a very bearish signal.
-RSI on daily chart reached heavy overbought area
-Stochastic RSI on daily chart is already heavy overbought since days and need an correction
-MACD baselines are near bearish crossing which brings sellers into the market
-Bollinger bands downside started down movement which implements correction movement
Trade active:
Comment:
market following as analysed - move stop loss to entry
Trade active:
60 % partial take profit at current stage because market shows first support on 1H after reaching the 38,2 fibonacci retracement line
Comment:
RSI and stochastic RSI are overbought as well - take profit 2 at drawn green TP line
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
