US100: Consolidated and preparing correction below 18100. Key levels on H4!
Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
Bullish USD/CAD is held by daily resistance
2019-11-11 • Updated
At the end of this week, USD/CAD pair is still in the bullish zone. Since the beginning of this year, the pair has been trading in an upward trend. On the weekly timeframe, it was possible to see that the USD/CAD movement was held back by a minor downtrend. The Stochastic indicator made a positive cross, although on the MACD histogram indicator went below the signal line.
On the daily timeframe, USD/CAD is also still in an uptrend, but stuck to the daily resistance level. The Stochastic indicator has crossed back up and the MACD histogram remains above the signal line.
On the H4 timeframe, USD/CAD is also still in an uptrend, but the Stochastic indicator has crossed down and the MACD indicator shows a possible correction of USD/CAD down to 1.31102 (Fibo 50.0% H4).
The upside target for the pair is at 1.32081 (Fibo 130.9% H4), and the support level is at 1.30783 (Fibo 23.6% H4).
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