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amanpaulbhogal

Bearish divergence on USD/CAD

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
amanpaulbhogal  
FX:USDCAD   U.S. Dollar / Canadian Dollar
hightest_bar Support and Resistance 1272 Fibonacci Extension stochastic-bearish-divergence rsi-bearish-divergence reversal-trading
3
0
hightest_bar supportandresistance 1272fibonacciextension stochastic-bearish-divergence rsi-bearish-divergence reversal-trading
Using bearish divergence to build a case for reversal trading on USD/CAD with the following favouring a potential short scenario:

- resistance (3rd touch) at ~1.2800
- bearish high test close below resistance
- price reaches and closes below 1.272 Fibonacci extension
level
- Stochastic and RSI bearish divergence

entry - below low of high test
stop loss - above high of high test (placement is discretionary)
target - 20 or 50 ema, or previous horizontal level

Caution for conservative traders: Fed Chair Janet Yellen testifies at 10:00 EST
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