USDCAD: Sell Opportunity from the Resistance Zone
The price reached the resistance zone formed by 1.33250 and 1.33500 levels. As you can see, the market bounced from this zone several times in the past.
This time, we also can expect the price reversal with the further downward movement. RSI reached the overbought zone, and it will be able to confirm the price reversal. MACD histogram supports a downward movement.
We have bullish signals from MACD lines and DMI. The market will be able to move above the resistance zone. But the reversal and the downward movement will be more logical in this situation.
During the next week, I would like to wait for a sell opportunity based on reversal signals from the daily and lower timeframes, of following a false breakout from the daily timeframes. What about you?
Share your trading plan for this market in comments! Let's think together in which direction it will be better to trade.
I will be grateful if you hit the LIKE button and support my work in TradingView. Thanks for your interest!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
This time, we also can expect the price reversal with the further downward movement. RSI reached the overbought zone, and it will be able to confirm the price reversal. MACD histogram supports a downward movement.
We have bullish signals from MACD lines and DMI. The market will be able to move above the resistance zone. But the reversal and the downward movement will be more logical in this situation.
During the next week, I would like to wait for a sell opportunity based on reversal signals from the daily and lower timeframes, of following a false breakout from the daily timeframes. What about you?
Share your trading plan for this market in comments! Let's think together in which direction it will be better to trade.
I will be grateful if you hit the LIKE button and support my work in TradingView. Thanks for your interest!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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.