Hi traders! Analyzing USD/CAD on the 1H timeframe, spotting a potential bullish reversal from a descending wedge pattern:
🔹 Entry: 1.38846
🔹 TP: 1.40286
🔹 SL: 1.37692
Price is bouncing off the lower boundary of a falling wedge, showing signs of bullish divergence with RSI also turning upwards. The breakout of the descending structure may signal a trend reversal or at least a corrective move to the upside.
The RSI is recovering from the oversold region, reinforcing the idea of a possible bullish push. A break and close above the minor resistance zone could confirm the move towards higher levels.
Watching closely for momentum confirmation!
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
🔹 Entry: 1.38846
🔹 TP: 1.40286
🔹 SL: 1.37692
Price is bouncing off the lower boundary of a falling wedge, showing signs of bullish divergence with RSI also turning upwards. The breakout of the descending structure may signal a trend reversal or at least a corrective move to the upside.
The RSI is recovering from the oversold region, reinforcing the idea of a possible bullish push. A break and close above the minor resistance zone could confirm the move towards higher levels.
Watching closely for momentum confirmation!
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
Trade closed: target reached
😎👌
🔥Eleva your trading game with some of the most powerful tools available today: tinyurl.com/3y3cjdx4
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.
🔥Eleva your trading game with some of the most powerful tools available today: tinyurl.com/3y3cjdx4
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.