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USD/CAD Inverted Head and Shoulders in 4 Hour Timeframe

May 14, 2018 12:04

Technically speaking, the USD/CAD has been in a downtrend in 4h timeframe, but at this point it is looking a bit supported. The pair has formed two POC zones. The POC 1 1.2705-1.2720 ( W L3, 61.8, M L3, right shoulder) is the interim support zone and the bounce is expected as long as the price holds above the zone. In the case of a deeper retracement, the POC 2 is valid as the second POC zone 1.2625-50 ( W L4, M L4, 78.6, historical buyers) and as long as the pair is above 1.2520, there is a potential for upside targets. Targets are 1.2868, 1.2955 and 1.3060.

Source: Admiral Markets MT5 with MT5SE Add-on

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

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

Best wishes,

Nenad

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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.