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Divergence found on EUR/CAD pair 4-hourFor the last couple of months, the EUR has maintained a weak position against many of its trading partners. This includes the Canadian dollar. The Canadian dollar has benefitted immensely from the high cost of crude, in addition to the Bank of Canada (BoC) moving much faster than the European Central Bank (ECB) to start hiking interest rates in the face of inflationary pressure. Yesterday, the BoC enacted a 75 basis-points rate hike, its fifth post-pandemic hike. Today, the ECB is expected to deliver a 75-basis points rate hike, only its second post pandemic rate hike. TECHNICAL ANALYSIS. From the weekly timeframe, EUR/CAD is primarily on a downtrend. We also see a classic divergence in the Money Flow Index (MFI). The Money Flow Index (MFI) is a technical indicator that measures how money flows into and out of a security over a specified period. The MFI is an indicator that combines momentum and volume with an RSI formula. With a classic divergence, the MFI indicates a reduced volume as price trends downwards. (see related ideas) On the 4-hour time frame, we can see that the EUR/CAD pair has been consolidating in a tight range, between 1.2891 and 1.3242. If we eye the pair’s movement within this range, it contrasts with the weekly trend. In fact, the EUR/CAD pair is up 1.8% since the beginning of the consolation period starting august 24. If we apply an RSI on the chart, we might like to note that the recent bullish push is fast approaching the overbought bottom zone just above 1.3160. If the price level can break above 1.13178, you might expect an ever-growing resistance to upside all the way up to 1.3242.
by BlackBull_Markets
fake break or ready for bearish timeok lets checking chart focusly DONT BE TRADE FAULTLESSLY , ZOOM OUT THE CHART AND LOOK GENERALLY. dear bitcoin break the support of trading range and its can wake up the bear again or can just fake break and after few candles come back to trading range. ever after news, trader be confuse but the professional trader just be patient and resistance with FUD and FOMO. its clear we have 2 simple scenario: first: its just fake break and price come back to trading range second: price starting the channel cycle and the first support zone its(1.618 fibonacci) this trading range making lots of money for me i hope it is the same for you ;)
by manimohammadii
3
short or longanother idea;) PATIENT is the key for TRADERS its clear market in the trading range and the price just playing with resistance zone and show the triangle, ever the patterns help me to trade better in TR(trading range). after breakout the triangle its easy to understand the price breakout the resistance zone or we can ready for short by PULLBACK,PINBAR AND ENTRY BAR. TIPS: the price show divergence on the RSI and high probability price can comeback to support zone
by manimohammadii
1
NEARing the bottomRecently, I made an analysis on NEAR where it was trading within an ascending channel. It traded inside it for a short amount of time but eventually broke out of that channel and has been trading within the descending channel shown above. I expect that NEAR will continue to trade inside this channel for the short-term but is approaching a short-term support zone at ~5.17. If it holds, NEAR can push toward the upper bound of the descending channel. If the support does not hold, NEAR can continue trading downward in the channel until its next major support zone at ~4.57. As always, this is not financial advice and all information is for educational purposes only. Please feel free to leave any thoughts and comments below.
by kush23456