-Mkt testing fib & structure confluence area that is likely to act as
resistance in a downtrend
-B/c the mkt is trading at 20yr lows there is a lack of structure for
tgts, most logical extended tgts would be 1.27 and 1.61 of the most
recent bearish leg.
-Anywhere within bearish trend continuation zone represents
good location for shorts with stops 1atr behind the...
-Mkt broke down to new lows and is now
retesting broken support zone
-Mkt testing confluence of 50 retr & structure
with RSI reaching overbought
-Aggressive short opportunity at 134.00 area
-More conservative short opportunity within
Bear Cont Zone with Stops 1atr behind the
139.00 invalidation zone
-Expectation is retest of low of trend around
After breaking to new lows within downtrend
the mkt is retracing back to the broken support
zone with Fibonacci confluence offering a high odds
opportunity to short the mkt within the bearish trend
After breaking structure to the downside the
market is now setting up for a bearish continuation
opportunity within the bear continuation zone
highlighted in red. If price puts in a recovery rally
into the red zone and the 1.1300 invalidation area
holds, the market is likely to roll over and test the
1.1140 support zone.
1. After breaking to the upside the mkt
is pulling back to a confluence zone
consisting of the key 1.1200 structure
area and the 618 retracement of the most
recent upward leg, with an oversold RSI reading.
2. If the bulls hold the mkt above the 1.1140
invalidation point the mkt is likely to retest the
high of the move around 1.1400, and potentially
Two long opportunities on this chart, one more aggressive with a massive Reward to Risk (almost 6:1) and one more conservative.
Trade 1 = trend continuation stops behind 160.15 swing low shoot for retest of highs around 163.70 area almost 6:1 reward to risk
Trade 2 = Bullish cypher with the standard stop and targets
If bears can hold the market below the main
inflection zone highlighted in red, the expectation
is a test of the 1.1080 support area. This sets up
a bearish opportunity with around a 3:1 reward to
risk potential. Stops should go behind the 1.1240
swing high invalidation point.
USDCAD at decision point, either the current
uptrending market structure will continue, or
the higher timeframe bearish trend will assert
itself and push the market lower violating the
Either way there is a bullish
opportunity at market. If the bulls hold above the
1.2835 area the market is likely to retest the high
of trend around 1.3200...
After breaking the 1.4490 support to the downside
the short term expectation is a test of the 1.4403 support
zone. Aggressive shorts can be taken at a retest of the
1.4490 broken support zone which should now become
resistance. More conservative shorts can be taken at the
1.4540 resistance zone closer to the invalidation point for the
60M chart bearish...