USDCAD | Hidden Bullish Divergence | AB=CD
Updated
The USDCAD chart has currently formed a Harmonic AB=CD Pattern, which indicates a Potential Reversal Zone (PRZ). Additionally, there is a Hidden Bullish Divergence on the 1-hour time frame, suggesting that the current downtrend is about to shift into an uptrend. Furthermore, the price has mitigated the Order Block (OB) and is now moving upwards. These confirmations indicate a short-term bullish momentum, although the overall structure on the higher time frame remains bearish.
In summary:
1: Harmonic AB=CD Pattern: This pattern suggests a potential reversal zone (PRZ).
2: Hidden Bullish Divergence: Observed on the 1-hour time frame, this indicates a potential shift from a downtrend to an uptrend.
3: Order Block (OB): The price has mitigated the OB and is moving upwards, supporting the short-term bullish momentum.
4: Higher Time Frame Structure: Despite the short-term bullish signals, the overall structure on higher time frames remains bearish.
It's important to consider these factors together and conduct thorough analysis before making any trading decisions.
In summary:
1: Harmonic AB=CD Pattern: This pattern suggests a potential reversal zone (PRZ).
2: Hidden Bullish Divergence: Observed on the 1-hour time frame, this indicates a potential shift from a downtrend to an uptrend.
3: Order Block (OB): The price has mitigated the OB and is moving upwards, supporting the short-term bullish momentum.
4: Higher Time Frame Structure: Despite the short-term bullish signals, the overall structure on higher time frames remains bearish.
It's important to consider these factors together and conduct thorough analysis before making any trading decisions.
Trade active
Note
Running 20+pips Profit close 50% position here at current price. Move sl to breakeven and rest Hold for Tp's :-)Trade closed: target reached
TP 1: Hit :-)
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