USD/CAD
Time frame: H4
Technical analysis: The chart shows that the pair's price is moving in a strong downward trend. On 31.05.19 she recorded a peak from where began to fall sharply. At this level, we put point 1. On 10.06.19 USD/CAD formed a short-term bottom from where it headed north reaching the strongest resistance at 200 simple moving average. At this level, sellers again entered the market, sending the pair to a new bottom at 1.3015. Because the movement is extremely strong, we can set point 2 at this level. At the moment, the price has reached for the first time the newly-built downward trend line, while at this level it also stands at 23.6% of Fibonacci, which plays a role of resistance. In addition to the resistance, both 200 periodic moving averages also play a role of strong resistance.
Indicators: 50 and 100 periodic moving averages play a role of support, and 200 of resistance.
RSI and DeM are around their over-sold values, which supports the "sell" scenario.
Alternative Scenario: If the price can break through the above-mentioned resistances and keep above them, then we can see the price rising to the next level of resistance at 38.2% on Fibonacci.
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