USDCAD Triple bottom at support
Updated
Price has stalled around the 1.31600 level again.
As you can see there is strong structural resistance.
There are two plays in mind,
1) A break through this resistance line, small retest and continual bearish movement.
2) A rebound from this line, and a bullish momemtum.
I have marked a minor trend line on the 15minute chart for a tight entry. Stops for a bullish move could be around the 1.31500 mark.
There is divergence on the RSI to support my preferred bullish movement. This has occurred on numerous charts.
As you can see there is strong structural resistance.
There are two plays in mind,
1) A break through this resistance line, small retest and continual bearish movement.
2) A rebound from this line, and a bullish momemtum.
I have marked a minor trend line on the 15minute chart for a tight entry. Stops for a bullish move could be around the 1.31500 mark.
There is divergence on the RSI to support my preferred bullish movement. This has occurred on numerous charts.
Note
Pair is making first bullish moveNote
Now has gone bearish and broken through support. Will re-analyse on new chart. Expect a restest
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