USDCAD (4H Timeframe) Analysis
Market Structure:
The price has broken above a key resistance level and is currently showing signs of a retest. A successful retest of the broken resistance as support indicates that buyers are maintaining control, suggesting potential for further upward movement.
Forecast:
A buy opportunity can be considered if the price confirms the retest and starts to show bullish momentum, supporting the continuation of the breakout move.
Key Levels to Watch:
- Entry Zone: Look for buying signals around the retest area of the previous resistance turned support.
- Risk Management:
- Stop Loss: Placed below the retest support zone to manage downside risk.
- Take Profit: Aim for higher resistance zones or key Fibonacci extension levels as potential targets.
Market Sentiment:
The breakout followed by a retest suggests a shift toward bullish sentiment. However, proper confirmation through bullish candlestick patterns or momentum indicators is advised before entering the trade.
Market Structure:
The price has broken above a key resistance level and is currently showing signs of a retest. A successful retest of the broken resistance as support indicates that buyers are maintaining control, suggesting potential for further upward movement.
Forecast:
A buy opportunity can be considered if the price confirms the retest and starts to show bullish momentum, supporting the continuation of the breakout move.
Key Levels to Watch:
- Entry Zone: Look for buying signals around the retest area of the previous resistance turned support.
- Risk Management:
- Stop Loss: Placed below the retest support zone to manage downside risk.
- Take Profit: Aim for higher resistance zones or key Fibonacci extension levels as potential targets.
Market Sentiment:
The breakout followed by a retest suggests a shift toward bullish sentiment. However, proper confirmation through bullish candlestick patterns or momentum indicators is advised before entering the trade.
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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.
✅ Discover my trading strategies signals educational resources 👇
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t.me/+COYsInxWoMg1OTg8
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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.