USD/CAD V-Shaped Reversal Bounce

June 08, 2018 12:36

Source: Admiral Markets MT5 with MT5SE Add-on

The USD/CAD has dropped towards W L4, where it made a V shaped reversal. At this point, we have a break through the descending trend line that could initiate a move higher. There are 2 bouncing spots POC2 1.2990-1.3000 and POC 1.2950-65. Targets are 1.3035 and 1.3080. A loss of 1.2935 should target 1.2905 and the pair will be stuck in the range.

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)

Best wishes,

Nenad

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