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​USD/CAD Consolidation Between Two Weekly Pivot Points

July 23, 2018 11:52


Source: Admiral Markets MT5 with MT5SE Add-on

The USD/CAD has been consolidating between two weekly pivot points that are in confluence with daily pivots too. 1.3094 and 1.3190 are support and resistance, respectively. A 4h candle close ot 1h momentum candle below 1.3090 should target 1.3045 followed by 1.2960. On the contrary, a bounce or 4h candle close above 1.3190 should target 1.3238 and 1.3317.

Have in mind that the USD/CAD is exactly at 88.6 right now, so we might see a bounce first.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.


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