Price is clearly rejected at the daily support and expect it to make an upside retracement from here. From the daily perspective, the price may keep pushing up to the recent structure a.k.a previous support turn to resistance for a retest.
From the COT perspective, hedge fund keeps closing the long and short position for few weeks, and this week they closing around 4k of the long position on CAD, meaning that they started to accumulate some long positions in order to buy at a lower price.
It is best for us to monitor the price action in the 4h time-frame inside the recent structure area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge fund keeps closing the long and short position for few weeks, and this week they closing around 4k of the long position on CAD, meaning that they started to accumulate some long positions in order to buy at a lower price.
It is best for us to monitor the price action in the 4h time-frame inside the recent structure area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.