The_Greek_Trader

USDCAD ON GREAT RESISTANCE ZONE-SHORT TRADE SET UP COMING UP!

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Hello traders let' s see a very profitable and high propability short trade on USDCAD!
Let's see why a short trade is possible at these levels.

TECHNICAL OBSERVATIONS
1.Price after that relief rally to the upside is showing bearish behaviour with this inverted hammer which was created today.
2.Price is at critical level as at that same level we have the neck line of the Head and Shoulders pattern created and if zoom out this level is a very strong support/resistance level at the weekly and monthly chart.
3.If we drag the Fibonacci retracement we can see that the resistance area is coincides perfectly with the important 50% and 61.8% Fibonacci levels.
4.Buying volume is reducing as we are reaching this important level.
5.Longer term trend is bearish .
6. RSI indicator is near to neutral level despite the strong move up which shows lack of momentum.

POSSIBLE TRADE
ENTRY AT 1.2840
BUY STOP AT 1.29050
TARGET 1 AT 1.26650
TARGET 2 AT 1.25300
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!!
DON'T HESITATE TO LEAVE A COMMENT OR A QUESTION YOU MIGHT HAVE!!
Trade active
Trade closed: stop reached
Comment: PRICE IN CRITICAL LEVEL!

Comments

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