AS PRICE LAST WEEK WENT DIRECTLY UP WHAT I DIDNT EXPECT, WE COULD BE LOOKING NOW AT THIS SETUP.
I BELIEVE NOW MARKET MAKERS HAVE ENOUGH LIQUIDITY TO CHANGE DIRECTION, AS MANY BUYERS WILL BELIEVE WE BROKE OUT AND COMING BACK FOR A RETEST TO CONTINUE.
BUT BE AWARE AS WE HAVE ALSO FUNDAMENTALS COMING ON THIS WEEK ON USD.
USE ALWAYS GOOD RISK MANAGEMENT!
A long term trade, its a great opportunity for risk takers with at least 60 pips in profit.
Stoploss around 34 pips with a 1:2 ratio in profit
Macd is showing selling pressure with RSI also showing divergence
The strong Resistance level is between 1.68-1.68100 which can also play as a rejection level, moreover strong support is around 1.65900.
SELL SETUP USD/CAD
WE HAVE FUNDAMENTALS COMING THIS WEEK FOR THIS PAIR WHAT COULD HELP US PUSH LOWER.
IM AIMING FOR THE FIRST TP,
IF WE GET THERE WE COULD BE LOOKING AFTER THE BREAK AND RETEST FOR CONTINUATION.
BUT LETS SEE HOW PRICE REACTS THERE.
USE GOOD RISK MANAGEMENT AS MARKET WILL BE VERY VOLATILE WITH FUNDAMENTALS COMING.
So as we can see at the fundamental analysis we see rate cuts and the trade war on the table. I think that we can assist to a down move on the MN, W1 and D1 chart, but at the same time don't forget about the uptrend.
Enjoy it and have fun!