USDCAD H4 Showing a possible break of Uptrend as price action is strong towards the downside.
H4 Heikin-Ashi chart however showing strong rejection against trendline with 2 CS with long wick rejection.
H4 CandleStick chart rejected resistance level ( 1.33374 ), so it might either break the trend and reject Support level ( 1.32601 ) & advance for a channel
OR
if candlestick closes below support level (1.32601), not just the wick , we can market execute a sell order.
Fundamentally, if Trump happens to make a good counter-offer in US-China Trade war before market opens in 2 days, it might just gap towards the upside and look for a sell in the next resistance level.
Anyways, technically :-
EMAs D1-UP ; H4-UP ; H1-Channeling UP
Support & Resistance D1-DOWN ; H4- DOWN ; H1-UP
Trendline D1-DOWN (closed below trendline) : H4-UP : H1-UP
If I were to take trades, it would be better to wait for a breakout of the 2 major S&R as you know market moves faster they're broken. When Candlesticks of H1 is approaching either S&R, start digging into smaller TF - M1,M5,M15. you'll have a clear picture of rallying at that area, M5 should be having a rally of 3/4 times against S&R then our trades will be good to go.
Pending Orders of Buy Stop/ Sell Stop are indicated on the chart, trade safe :)
H4 Heikin-Ashi chart however showing strong rejection against trendline with 2 CS with long wick rejection.
H4 CandleStick chart rejected resistance level ( 1.33374 ), so it might either break the trend and reject Support level ( 1.32601 ) & advance for a channel
OR
if candlestick closes below support level (1.32601), not just the wick , we can market execute a sell order.
Fundamentally, if Trump happens to make a good counter-offer in US-China Trade war before market opens in 2 days, it might just gap towards the upside and look for a sell in the next resistance level.
Anyways, technically :-
EMAs D1-UP ; H4-UP ; H1-Channeling UP
Support & Resistance D1-DOWN ; H4- DOWN ; H1-UP
Trendline D1-DOWN (closed below trendline) : H4-UP : H1-UP
If I were to take trades, it would be better to wait for a breakout of the 2 major S&R as you know market moves faster they're broken. When Candlesticks of H1 is approaching either S&R, start digging into smaller TF - M1,M5,M15. you'll have a clear picture of rallying at that area, M5 should be having a rally of 3/4 times against S&R then our trades will be good to go.
Pending Orders of Buy Stop/ Sell Stop are indicated on the chart, trade safe :)