USD has been one of the weakest forex pairs since March.
Looking at the 4hr chart it has been making the pattern of lower highs against CAD since 19th of March and has matterialized a two months decending triangle that got confirmed by breaking below the floor of the pattern last week.
The previous support zone of the pattern should now act as resistant and a pull back to that level can be a good entry for a short trade.
The target of the patter is around 1.3450 which coinsides with a gap in that zone and a horizontal support zone.
This setup provides a 3 to 1 risk to reward trade.
Looking at the 4hr chart it has been making the pattern of lower highs against CAD since 19th of March and has matterialized a two months decending triangle that got confirmed by breaking below the floor of the pattern last week.
The previous support zone of the pattern should now act as resistant and a pull back to that level can be a good entry for a short trade.
The target of the patter is around 1.3450 which coinsides with a gap in that zone and a horizontal support zone.
This setup provides a 3 to 1 risk to reward trade.
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almost at the target. :)
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scaling out of this position.Operación cerrada: objetivo alcanzado
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+3R
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.