USDCAD - UNDER DOWNWARD PRESSURE - 4H
Updated
USDCAD / 4H TIME FRAME
HELLO TRADERS
Currently, prices are trading below the resistance trend line and the turning level at 1.361.
This sets the stage by identifying that the price is under a key resistance line and turning level, specifically at the 1.361 level. The resistance line acts as a ceiling preventing further upward movement.
As long as trading remains below this level, a decline is expected, potentially reaching 1.354 and 1.350.
Here, you're forecasting a possible downward trend. If prices don't break through 1.361, the expectation is for them to move lower, first targeting 1.354, and possibly continuing to 1.350. These levels are likely key support level where the price could find temporary stability.
However, breaking this level would indicate a rise toward 1.370.
This section shifts the focus to an alternative outcome. If the price breaches the 1.361 resistance, it would signal the start of an upward movement, aiming for the next key level at 1.370.
To confirm an uptrend, it is necessary to break through this level, which would then target the next level at 1.374.
Finally, you're stating that for a true and sustained uptrend to be confirmed, the price must break through 1.370. Once this happens, the price is expected to head towards the next resistance level at 1.374.
UPWARD TARGET : 1.370 , 1.374.
DOWNWARD TARGET : 1.354 , 1.350.
HELLO TRADERS
Currently, prices are trading below the resistance trend line and the turning level at 1.361.
This sets the stage by identifying that the price is under a key resistance line and turning level, specifically at the 1.361 level. The resistance line acts as a ceiling preventing further upward movement.
As long as trading remains below this level, a decline is expected, potentially reaching 1.354 and 1.350.
Here, you're forecasting a possible downward trend. If prices don't break through 1.361, the expectation is for them to move lower, first targeting 1.354, and possibly continuing to 1.350. These levels are likely key support level where the price could find temporary stability.
However, breaking this level would indicate a rise toward 1.370.
This section shifts the focus to an alternative outcome. If the price breaches the 1.361 resistance, it would signal the start of an upward movement, aiming for the next key level at 1.370.
To confirm an uptrend, it is necessary to break through this level, which would then target the next level at 1.374.
Finally, you're stating that for a true and sustained uptrend to be confirmed, the price must break through 1.370. Once this happens, the price is expected to head towards the next resistance level at 1.374.
UPWARD TARGET : 1.370 , 1.374.
DOWNWARD TARGET : 1.354 , 1.350.
Trade active
still continues a downtrend , as long as remain below turning level expected likely to decline to reach 1.354 .
however , breaking 1.361 it suggest rising to reach1.370
Trade closed: target reached
reached first target +50 pip profit .
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