USDCAD Analysis October 24, 2021
We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc. On crypto we are looking at the Daily and 1 Hour timeframes to take trades when they are ready.
On the weekly timeframe we formed a dojo candle last week showing us a reversal signal heading into this week. Price should push upwards from here.
On the H4 timeframe price is very much in a downtrend but we are starting to see signs of reversal .Price has formed it’s first HL in the sequence and also forming a reversal head and shoulders pattern. We can see how this would line up as we look for price to clear the resistance level come back for a retest and go to the upper weekly zone here. Target is 1.24600. Entry area will be 1.23600.
On the weekly timeframe we formed a dojo candle last week showing us a reversal signal heading into this week. Price should push upwards from here.
On the H4 timeframe price is very much in a downtrend but we are starting to see signs of reversal .Price has formed it’s first HL in the sequence and also forming a reversal head and shoulders pattern. We can see how this would line up as we look for price to clear the resistance level come back for a retest and go to the upper weekly zone here. Target is 1.24600. Entry area will be 1.23600.