Anyone looking to sell the USD/CAD???
Thanks to yesterday’s FOMC-induced rally, H4 action is currently trading just ahead of a nice-looking H4 sell zone. A broken H4 Quasimodo level at 1.3062, a psychological resistance at 1.31 and also a 161.8% Fib extension at 1.3080 (green circle) taken from the base of the H4 AB=CD bearish pattern collectively form a tight resistance zone. What is more, this H4 sell zone is bolstered by a daily supply seen at 1.3218-1.3086 adding extra weight to a bearish move being seen from here. However, the only grumble we have is the fact that weekly action is bouncing from support at 1.2833 right now and could possibly drive this pair much higher!
Our suggestions: We would not be comfortable placing a pending sell order at the 1.31/1.3062 region due to weekly price. Waiting for the lower timeframes to prove selling interest resides here is, at least in our opinion, the safer route to take. Of course it is down to the individual trader what method he/she utilizes to confirm such zones. We, nevertheless, are satisfied with the following: a break/retest of demand, a trendline break/retest or simply a collection of clear selling tails formed around a lower timeframe resistance line.
Our suggestions: We would not be comfortable placing a pending sell order at the 1.31/1.3062 region due to weekly price. Waiting for the lower timeframes to prove selling interest resides here is, at least in our opinion, the safer route to take. Of course it is down to the individual trader what method he/she utilizes to confirm such zones. We, nevertheless, are satisfied with the following: a break/retest of demand, a trendline break/retest or simply a collection of clear selling tails formed around a lower timeframe resistance line.
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