USDCAD Analysis | May 17 2020
USDCAD 4H
Trend 4H: Uptrend
Trend 1D: Downtrend
Nature: Correction
Distance of 20ma: Close
Market State: Thight Narrow (20ma near 200 ma)
Is healthy trend?: No, price is touching upper chanel after 5th wave and correction chanel is mature enogh
Nº Wave: B
Turning point near?: Yes. If a bear price action confirms it, otherwise it will break the upper channel.
Color game: Green in control.
Area of value:
A1: Upper channel + previus resistence
A2: 61.8% Fib + Strong support + near trend line
Actions:
B1: Buy after break upper chanel and retest.
Why?. In Daily Frame would form a bullish price action. Price is touching upper chanel a 4th time with green force.
New lowers low have failed.
S1: Sell after bearish price action near upper channel. A new bearish impulse may come, at least to A2 zone or the next target would be the 3th touch in lower channel
Trend 4H: Uptrend
Trend 1D: Downtrend
Nature: Correction
Distance of 20ma: Close
Market State: Thight Narrow (20ma near 200 ma)
Is healthy trend?: No, price is touching upper chanel after 5th wave and correction chanel is mature enogh
Nº Wave: B
Turning point near?: Yes. If a bear price action confirms it, otherwise it will break the upper channel.
Color game: Green in control.
Area of value:
A1: Upper channel + previus resistence
A2: 61.8% Fib + Strong support + near trend line
Actions:
B1: Buy after break upper chanel and retest.
Why?. In Daily Frame would form a bullish price action. Price is touching upper chanel a 4th time with green force.
New lowers low have failed.
S1: Sell after bearish price action near upper channel. A new bearish impulse may come, at least to A2 zone or the next target would be the 3th touch in lower channel
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