Here you can see my technical analysis on USDCAD for the week ahead, there seems there may be a range forming between a recent high and a resistance that has been tested many times which has given a strong resistance - in this case I believe that it will have turned into a support bouncing off the trend line I have fond on 4H and the support/resistance I have found on all time frames.
in terms of indicators the 8,5 EMA'S I have are soon to cross over on 15m, 30m and 5m which shows a reversal in price instead of a retracement which supports my idea of a range.
additionally, bearish momentum is slowing down and is in oversold territory and it moving averages crossing over - once again indicating a reversal.
I have showed my long position with TP and SL visible
thanks for reading - please leave ideas and feedback
in terms of indicators the 8,5 EMA'S I have are soon to cross over on 15m, 30m and 5m which shows a reversal in price instead of a retracement which supports my idea of a range.
additionally, bearish momentum is slowing down and is in oversold territory and it moving averages crossing over - once again indicating a reversal.
I have showed my long position with TP and SL visible
thanks for reading - please leave ideas and feedback