Just a heads up and to alert you of this potential 150 pips plus trade coming up in the NY session which I really think you should be part of this ride down.
To begin with, price action is trending almost up at the quadruple tops at 0.96, a region of immense resistance if you check out the weekly chart. If you check out the stochastics, they are at the overbought zones in the weekly chart with a very wide %k and %d, meaning that the momentum down is strong. Even though price managed to retrace 100% from last week’s bear move, I expect price to move right back to last week’s lows and trend lower in the coming weeks so this is a recommended sell and hold trade.
Fundamentals from Canada set to be released in the NY open is supportive of the CAD as Retail sales and Inflation data is set to rebound from negative territory to positive zone.
I would recommend you follow the 4HR bear trend and look to sell at any retracement back to the support in the 15 minute chart-check out that marked support in the 15 minute chart and hold.
My recommended trade plan is to do as follows in the 15 minute chart:
Stop Loss: 0.9540, most recent highs.
TP: 0.9390 for scalpers and hold for long term traders.
Otherwise have a good trading day and nice weekend.
If you have any question, inbox me or join me for more interactive conversations on Slack, email [email protected]