USDCAD RSI DIVERGENCE + FALLING WEDGE REVERSAL - H4
Please zoom out to see my chart fully.
Highly likely reversal on USD/CAD.
This is because we can see RSI oversold divergence on the H4 chart at a key level of daily support (the black line). Price makes a lower low to the key daily support line (the black line), whilst the RSI makes a higher high, a new swing high on the RSI when the price has in fact made a new swing low - DIVERGENCE.
We also have a lovely double top pattern on the H4 chart at daily support (which is again the black line) that has failed to make a lower low.
However before I enter this trade, I want to see a H4 candle close its body above the trend line to signify a trend line break. Then I will look for long (BUY( trades on intraday timeframes.
Highly likely reversal on USD/CAD.
This is because we can see RSI oversold divergence on the H4 chart at a key level of daily support (the black line). Price makes a lower low to the key daily support line (the black line), whilst the RSI makes a higher high, a new swing high on the RSI when the price has in fact made a new swing low - DIVERGENCE.
We also have a lovely double top pattern on the H4 chart at daily support (which is again the black line) that has failed to make a lower low.
However before I enter this trade, I want to see a H4 candle close its body above the trend line to signify a trend line break. Then I will look for long (BUY( trades on intraday timeframes.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.