Top-Down analysis for USD/CAD
Weekly: Range(sideways)
Daily: Range (sideways) w/bullish rejections
4H: Range and approaching 4H resistance with bullish momentum.
Looking for a break and retest of the 4H resistance to look for longs. Let me know what you guys think!
Price had a daily false break and is back about it's previous level of support. On the 4H we can see that price has broken it's downtrend identified with the trendline.
I'll be looking for price to come back into my 4H level of support for a potential by back to the daily high.
Price rejected from the bottom of the Daily range with a lot of bullish momentum. As we scale down to the 4H, we can see price forming an inv H&S. A break/retest of the neckline and trendline would produce a very favorable long opportunity to the next swing high.
Price has pulled back into a Key Daily Area on the 4H and rejected with an evening star candle below the 100MA. This is double-confirmation and signs that we may continue to see more downside.
On GA's 4H Chart, we can see that price came down to the green Daily Zone and started to go bullish. From there, price broke its downtrend. Now we simply wait for price to break and retest this 4H level of resistance to confirm this potential reversal.
We have price rejecting off of the daily support. Followed a 1H ascending triangle pattern. I will be looking for a break and retest of this pattern with a 50EMA staying below price.
On USDCAD, I used a simple Top-down analysis of the Daily, 4H, and 1H time frames. On the daily we can see a start if a potential downtrend, but was met at a daily support level. On the 4H we can see price rejecting multiple times from this daily support. Thus, giving us a clear indication that buys are active in the market. We will look at our 1H time frame this...
GJ has been on a very strong 4HR uptrend that was broken last week.
Now we look for potential short opportunities. Price has broken below and retested its 61.8% Fib level. Giving us a great short opportunity down to its next level of support.
Gold has broken through its upper its 4hr support and now we wait to see if price can retest it’s previous support.
If we get a closure below this level, we can look for shorts back down to the next level of support.
Double bottom formation has been formed and if the current 4hr has a bullish pinbar closure, then expect a gain of 162 pips with a stop loss of 31 pips. *Always view and verify charts yourself before taking any trades.*
