USDCAD: Is the PRICE Confirming the DOUBLE BOTTOM Pattern?
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🟢Forex Pair:
USD/CAD
⚪Technical Analysis:
In the weekly chart, since the end of March 2020, the price has been following a strong downtrend, creating an interesting falling wedge pattern.
During the second week on January 2021, the price reached an important strong support zone, getting a first sign of rejection.
In the daily perspective, the price is still clearly moving with a strong downtrend, but a double rejection on the support level at about 1.26312 could be an interesting sing of market reversal.
In the h4 chart the price seems is creating a nice double bottom pattern, it reached and retested twice the same support level and now it's approaching to reach the next daily resistance level at about 1.27734.
The next price action around that level will be essential to confirm the pattern and eventually plan a long position.
🔴Conclusion: ✔️
Overall, in the daily and weekly perspective, the price is still in a clear downtrend, but strong rejections during the last sessions make me think that there is a good opportunity to catch a long position if the double bottom pattern is valid.
Before to open any long position, I'd highly suggest to wait the breakout of the resistance zone at 1.27748.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
USD/CAD
⚪Technical Analysis:
In the weekly chart, since the end of March 2020, the price has been following a strong downtrend, creating an interesting falling wedge pattern.
During the second week on January 2021, the price reached an important strong support zone, getting a first sign of rejection.
In the daily perspective, the price is still clearly moving with a strong downtrend, but a double rejection on the support level at about 1.26312 could be an interesting sing of market reversal.
In the h4 chart the price seems is creating a nice double bottom pattern, it reached and retested twice the same support level and now it's approaching to reach the next daily resistance level at about 1.27734.
The next price action around that level will be essential to confirm the pattern and eventually plan a long position.
🔴Conclusion: ✔️
Overall, in the daily and weekly perspective, the price is still in a clear downtrend, but strong rejections during the last sessions make me think that there is a good opportunity to catch a long position if the double bottom pattern is valid.
Before to open any long position, I'd highly suggest to wait the breakout of the resistance zone at 1.27748.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly,
Gianni
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