USDCAD - Bearish Continuation Signal as Price Rejects Key Zone
Hello Traders! 👋
Here is the breakdown of the setup:
Key Levels: There are two major horizontal blue zones. These were previously support levels (where the price bounced up) that have now flipped into resistance (where the price struggles to break above).
Current Situation: The price recently crashed through the lower blue zone (approx. 1.3700) and is now retesting it from underneath.
The Strategy: The "Look for Shorts..Again" callout suggests that because the price is hitting this new resistance, it is expected to reject the level and head lower.
Target: The red arrow indicates an expectation of a downward move, likely targeting previous lows near 1.3500.
In short: The trend has shifted downward, and the analyst is looking to sell (short) as the price hits a "ceiling" at 1.3700.
Don’t forget to like and share your thoughts in the comments! ❤️
Here is the breakdown of the setup:
Key Levels: There are two major horizontal blue zones. These were previously support levels (where the price bounced up) that have now flipped into resistance (where the price struggles to break above).
Current Situation: The price recently crashed through the lower blue zone (approx. 1.3700) and is now retesting it from underneath.
The Strategy: The "Look for Shorts..Again" callout suggests that because the price is hitting this new resistance, it is expected to reject the level and head lower.
Target: The red arrow indicates an expectation of a downward move, likely targeting previous lows near 1.3500.
In short: The trend has shifted downward, and the analyst is looking to sell (short) as the price hits a "ceiling" at 1.3700.
Don’t forget to like and share your thoughts in the comments! ❤️
Trade chiuso: obiettivo raggiunto
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.