"Analysis USDCAD: Buyers and Sellers Clash at the Box Ceiling"
💹 Let's dive into the analysis of this popular forex pair at the start of the week. We'll update our previous analysis and identify new triggers for potential trades.
🌟 Weekly Updates:
Starting from Monday to Wednesday, we'll cover , Monday: Bitcoin and Dominance analysis , Tuesday: Ethereum and ETH/BTC analysis , Wednesday: Gold analysis
These are in addition to our daily analyses.
🎉 Channel Milestone 500 Followers:
Thank you all for helping this channel reach 500 followers! Our next goal is 1,000 followers. Let's keep growing together!
📊 Previous Analysis Review:
In the previous analysis, we anticipated a long position because the price had pulled back to a broken daily support and then confirmed the trigger by breaking a descending continuation trend line.
After breaking 1.36730 with a confirmation candle due to strong buyer pressure, we opened a long position. However, upon failing to break the 1.37806 ceiling, and with a lower peak, I closed the position at a risk-to-reward ratio of two.
📅 Weekly Time Frame:
We remain within the range box of 1.31521 to 1.38749. Currently, we're grappling with the ceiling resistance. A break above 1.38749 could initiate a favorable trend towards the 1.43505 resistance.
Additionally, there's a long-term ascending trend line. To maintain a bullish outlook in the long term, we should avoid stabilizing below this trend line.
🕰️ Daily Time Frame:
After breaking the 1.36048 resistance and advancing towards the resistance, the upward momentum waned, prompting a move back to support before attempting another advance, albeit with less force.
There’s also an ascending trend line. If this breaks and we stabilize below the 1.36048 support, we could see a move towards the daily box bottom at 1.31521.
⏳ Four-Hour Time Frame:
We're in an uptrend, but since the last rejection at 1.37806, the bullish candle strength has diminished, which could be an early sign of a potential trend change, although it's too soon to confirm.
Should the price break this parabolic curve line and confirm below the 1.37253 trigger, lower levels might be targeted in the short term.
📈 Long Position Strategy:
With trend confirmation and strong buyer momentum, we can open a long position after breaking 1.37806, taking the risk before breaking the weekly resistance for a potential sharp breakout and an excellent trade opportunity.
📉 Short Position Strategy:
I prefer not to short, but due to recent market candles and diminished buyer strength, I'll consider shorting after strong red candles and a break of the parabolic line and 1.37253 trigger.
💰 For stop-loss, keep the short position's stop-loss tight to exit quickly if the market resumes its uptrend, allowing for a long position if conditions favor it. For long positions, use a reasonable stop-loss to stay in the market during new trends.
🔑 Upcoming Supports and Resistances:
Supports: 1.36629, 1.36073
Resistances: 1.37806, 1.38749
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🌟 Weekly Updates:
Starting from Monday to Wednesday, we'll cover , Monday: Bitcoin and Dominance analysis , Tuesday: Ethereum and ETH/BTC analysis , Wednesday: Gold analysis
These are in addition to our daily analyses.
🎉 Channel Milestone 500 Followers:
Thank you all for helping this channel reach 500 followers! Our next goal is 1,000 followers. Let's keep growing together!
📊 Previous Analysis Review:
In the previous analysis, we anticipated a long position because the price had pulled back to a broken daily support and then confirmed the trigger by breaking a descending continuation trend line.
After breaking 1.36730 with a confirmation candle due to strong buyer pressure, we opened a long position. However, upon failing to break the 1.37806 ceiling, and with a lower peak, I closed the position at a risk-to-reward ratio of two.
📅 Weekly Time Frame:
We remain within the range box of 1.31521 to 1.38749. Currently, we're grappling with the ceiling resistance. A break above 1.38749 could initiate a favorable trend towards the 1.43505 resistance.
Additionally, there's a long-term ascending trend line. To maintain a bullish outlook in the long term, we should avoid stabilizing below this trend line.
🕰️ Daily Time Frame:
After breaking the 1.36048 resistance and advancing towards the resistance, the upward momentum waned, prompting a move back to support before attempting another advance, albeit with less force.
There’s also an ascending trend line. If this breaks and we stabilize below the 1.36048 support, we could see a move towards the daily box bottom at 1.31521.
⏳ Four-Hour Time Frame:
We're in an uptrend, but since the last rejection at 1.37806, the bullish candle strength has diminished, which could be an early sign of a potential trend change, although it's too soon to confirm.
Should the price break this parabolic curve line and confirm below the 1.37253 trigger, lower levels might be targeted in the short term.
📈 Long Position Strategy:
With trend confirmation and strong buyer momentum, we can open a long position after breaking 1.37806, taking the risk before breaking the weekly resistance for a potential sharp breakout and an excellent trade opportunity.
📉 Short Position Strategy:
I prefer not to short, but due to recent market candles and diminished buyer strength, I'll consider shorting after strong red candles and a break of the parabolic line and 1.37253 trigger.
💰 For stop-loss, keep the short position's stop-loss tight to exit quickly if the market resumes its uptrend, allowing for a long position if conditions favor it. For long positions, use a reasonable stop-loss to stay in the market during new trends.
🔑 Upcoming Supports and Resistances:
Supports: 1.36629, 1.36073
Resistances: 1.37806, 1.38749
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
