2024-11-09 08:14
In der IndustrieUSD/CAD teeters on bearish reversal brink ahead of
Depending on entry level, the price would need to break several nearby levels to make the trade stack up from a risk-reward perspective, including the uptrend from October 15 and horizontal support at 1.3869. If they were to fold, 1.3815 is one potential target with 1.3748 and 1.3700 the next after that. A stop above Friday's high would provide protection against reversal.
Bolstering the case for potential downside, RSI (14) has broken the uptrend it was sitting in after sitting in overbought territory for more than a week, hinting bullish momentum may be starting to turn. While the signal is yet to be confirmed by MACD, that too is looking like it may soon rollover as it moves closer to the signal line.
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USD/CAD teeters on bearish reversal brink ahead of
| 2024-11-09 08:14
Depending on entry level, the price would need to break several nearby levels to make the trade stack up from a risk-reward perspective, including the uptrend from October 15 and horizontal support at 1.3869. If they were to fold, 1.3815 is one potential target with 1.3748 and 1.3700 the next after that. A stop above Friday's high would provide protection against reversal.
Bolstering the case for potential downside, RSI (14) has broken the uptrend it was sitting in after sitting in overbought territory for more than a week, hinting bullish momentum may be starting to turn. While the signal is yet to be confirmed by MACD, that too is looking like it may soon rollover as it moves closer to the signal line.
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