USDCAD Local S/R| Price Action| .618 Fibonacci| Volume
Evening Traders,
Today’s analysis – USDCAD – trading under local s/r that has technical confluence,
Points to consider,
- Price Action corrective
- Local S/R Resistance
(.618 Fibonacci Confluence)
- 200 MA Resistance
- RSI Bullish Control Zone
USDCAD’s immediate price action is trading under resistance that has technical confluence allowing for a short bias.
The .618 Fibonacci is in confluence with the 200 MA S/R, rejecting here is a greater probability.
The current RSI is trading in its bullish control zone, maintaining these levels are indicative of strength.
Overall, in my opinion, USDCAD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“There is a huge difference between a good trade and good trading.” – Steve Burns
Today’s analysis – USDCAD – trading under local s/r that has technical confluence,
Points to consider,
- Price Action corrective
- Local S/R Resistance
(.618 Fibonacci Confluence)
- 200 MA Resistance
- RSI Bullish Control Zone
USDCAD’s immediate price action is trading under resistance that has technical confluence allowing for a short bias.
The .618 Fibonacci is in confluence with the 200 MA S/R, rejecting here is a greater probability.
The current RSI is trading in its bullish control zone, maintaining these levels are indicative of strength.
Overall, in my opinion, USDCAD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“There is a huge difference between a good trade and good trading.” – Steve Burns
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
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