Forex: Possible “sell” for USD/CAD

29.01.2019 / 11:54

Rating:

USD / CAD

Timeframe: H4

Technical Analysis: The price has formed two distinct formations "Flag + Triangle", initially the price has managed to break the resistance at 23.6% of Fibonacci and has reached the next strong resistance at 38.2% of Fibonacci. After testing this level, the price found sellers and managed to break through the flag formation and re-entered the triangular formation. Expectations are that the price will test the resistance at 23.6% of Fibonacci, which is at price 1.3294 and will resume its downward trend.

Indicators:

The price is below 50 and 200 EMA, and they play a role of strong resistance.

DeM - just above over-sold territory and does not give signals at this time.

Aggressive entry: Sell limit order at 1.3294 with stop at 1.3330.

Conservative entry: Test of 23.6 % Fibonacci level + price action formation for sell.

Alternative scenario: Breaking the above-mentioned resistance will cause the price to re-consolidate.

Trader Milko Zashev

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Forex: Possible “sell” for USD/CAD

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