SMC trading point update
Technical analysis of USD/CAD pair on the 2-hour timeframe, suggesting that the price is likely to drop toward the support zone. Here's the detailed idea behind the analysis:
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Chart Breakdown (2H – USD/CAD)
1. Resistance Zone (Yellow Box - Top):
Marked as a strong supply area where price has repeatedly been rejected (highlighted by red arrows).
Acts as a key zone where sellers are in control.
Also aligns with a descending trendline, reinforcing bearish pressure.
2. Support Zone (Yellow Box - Bottom):
This is the target point marked at 1.35387, which previously served as a demand zone.
The chart suggests this level as the next significant area where price might find buyers.
3. Trend Context:
Price is moving within a descending channel (black trendlines), confirming the overall downtrend.
The 200 EMA (1.36834) is acting as dynamic resistance, keeping price under pressure.
4. Projected Move (Blue Box):
Shows a potential drop of ~91 pips toward the support level.
A bearish wave is anticipated as per the black zigzag line on the chart.
5. RSI Indicator:
RSI is near neutral (49.02 and 49.70) — suggesting no overbought/oversold conditions, but confirming lack of bullish momentum.
RSI is aligned with price trending down.
Mr SMC Trading point
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Summary:
Bias: Bearish
Entry Zone: Near current price or minor pullback (1.364–1.365)
Target: 1.35387 (support zone)
Invalidation: Break and close above resistance level / 200 EMA (~1.3685)
Trend: Downtrend within channel
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Technical analysis of USD/CAD pair on the 2-hour timeframe, suggesting that the price is likely to drop toward the support zone. Here's the detailed idea behind the analysis:
---
Chart Breakdown (2H – USD/CAD)
1. Resistance Zone (Yellow Box - Top):
Marked as a strong supply area where price has repeatedly been rejected (highlighted by red arrows).
Acts as a key zone where sellers are in control.
Also aligns with a descending trendline, reinforcing bearish pressure.
2. Support Zone (Yellow Box - Bottom):
This is the target point marked at 1.35387, which previously served as a demand zone.
The chart suggests this level as the next significant area where price might find buyers.
3. Trend Context:
Price is moving within a descending channel (black trendlines), confirming the overall downtrend.
The 200 EMA (1.36834) is acting as dynamic resistance, keeping price under pressure.
4. Projected Move (Blue Box):
Shows a potential drop of ~91 pips toward the support level.
A bearish wave is anticipated as per the black zigzag line on the chart.
5. RSI Indicator:
RSI is near neutral (49.02 and 49.70) — suggesting no overbought/oversold conditions, but confirming lack of bullish momentum.
RSI is aligned with price trending down.
Mr SMC Trading point
---
Summary:
Bias: Bearish
Entry Zone: Near current price or minor pullback (1.364–1.365)
Target: 1.35387 (support zone)
Invalidation: Break and close above resistance level / 200 EMA (~1.3685)
Trend: Downtrend within channel
---
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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.
(Services:✔️ JOIN Telegram channel
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
Related publications
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.