Indecision between buyers and sellers?
Updated
Hey traders! Here you are another breakdown of the USDCAD. Recently I had long position but it was closed at the BE because of the yesterday's news. I do not want to dive deep into the economic announcements as I prefer and trade ONLY technicals - so here we have interesting situation. Before news - was very easy setup - simple formation of HH,HL - trend to the upside. You can clearly see my first main level of resistance at 1.2460-1.2470. And price didn't hit that level yet. When the news came up - we noticed a huge 4H bearish candle which broke MA50 and all of the previous stops of the retail traders (those minimums you can clearly see on the chart). SO definitely it was the plan of the banks. So this situation provided a lot of panic and fear to the market - and then just because of the emotions everyone went to open SHORT positions. And as we can see after some 8-12 hours price almost came back to that level once again! So what is next? Honestly speaking with you guys - I suppose that we will get a ranging market today - tomorrow. And my main target is still the same. I see strength of US dollar for about 1-2 weeks or so. And according to my previous posts about EURUSD and GBPUSD shorts and EURAUD longs - I do not change my opinion. Yes, the price didn't go straight to the point which I mentioned to you guys, JUST LET THE MARKET BREATH. He knows his direction. Peace.
Note
Very nice rejection yesterday on USDCAD. Once we hit our support region according to the trend line (just visible her lol). There is another LONG opened position. Looks very veryy nice
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