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Bearish momentum meets key support – Can USDCAD bounce?Hello, just sharing a bit of what I’m seeing on the USDCAD chart: Price on USDCAD has shown clear bearish momentum, but at the moment we are approaching a strong support zone that has held up several times before, which I’ve marked on my chart. Price is approaching this zone once again, and I’m considering it as a potential area for a bounce. The fact that price is approaching this zone again makes it an area that’s extremely worth watching. If the familiar confirmation signals that I often mention appear, and that support holds, I predict that a move toward the 1.3840 target is entirely achievable if momentum shifts. However, we cannot rule out the scenario where price breaks below this support zone with strong momentum, in which case the entire scenario would need to be reassessed, and an extended bearish move could very well unfold. This is not financial advice, just my personal opinion based on support and resistance zones.
Long
by LucasMgoldview
Great level to buy USDHi traders, that is what we are currently expecting in the markets ! -------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- Prices do change constantly and following PRIMEALGO channel will keep you updated with a highly experienced traders around the globe.
Short
by BlaiseThewinner
1
AUDUSD approaching support, potential for bounce | 28 June 2021Price is holding above ascending trendline support and also above moving average. A short-term intraday push up above 38.20% Fibonacci retracement and our entry at 0.75755 towards graphical swing high, Fibonacci confluence zone at our 0.76488 take profit level could be possible. Otherwise, breaking below our 618% Fibonacci retracement and stop-loss at 0.75381 would invalidate our idea. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Long
by FXCM