Weekly Forecast for USD/CAD
Monthly Low: The monthly low is positioned around the 1.35970 level. This level serves as a significant support point and psychological barrier.
Weekly High: The weekly high is at the 1.38834 level. This level acts as a major resistance point and is currently being tested.
Weekly Low: The weekly low is marked at 1.38000, which falls into our psychological zone and is a critical support level.
NY Low: The NY low from the previous session is at 1.38000, which aligns with our psychological zone, making it a strong potential reversal area.
Key Observations:
Weekly Confirmation: The market has provided a weekly confirmation of the trend. The price has been oscillating within the highlighted zones, showing a mixed trend for the week.
Price Action: The price is currently testing the weekly high of 1.38834. This level is crucial as it could either act as a resistance leading to a reversal or be broken for further upward movement.
Psychological Zones: Both the NY low and weekly low fall into key psychological zones (1.38000). These levels are significant for potential reversals or continuations of the trend.
Session Confirmation: The NY low falling into the 1.38000 psychological zone provides a good session confirmation, indicating a potential area for buying if the price shows bullish signals.
Trading Plan:
Buy Zone: Around 1.38000, leveraging the support provided by the NY low and weekly low. Look for reversal patterns or strong bullish signals before entering a buy position.
Sell Zone: Around 1.38834, considering the resistance at the weekly high. This area could provide a good opportunity for short positions if the price shows signs of reversal.
Weekly High: The weekly high is at the 1.38834 level. This level acts as a major resistance point and is currently being tested.
Weekly Low: The weekly low is marked at 1.38000, which falls into our psychological zone and is a critical support level.
NY Low: The NY low from the previous session is at 1.38000, which aligns with our psychological zone, making it a strong potential reversal area.
Key Observations:
Weekly Confirmation: The market has provided a weekly confirmation of the trend. The price has been oscillating within the highlighted zones, showing a mixed trend for the week.
Price Action: The price is currently testing the weekly high of 1.38834. This level is crucial as it could either act as a resistance leading to a reversal or be broken for further upward movement.
Psychological Zones: Both the NY low and weekly low fall into key psychological zones (1.38000). These levels are significant for potential reversals or continuations of the trend.
Session Confirmation: The NY low falling into the 1.38000 psychological zone provides a good session confirmation, indicating a potential area for buying if the price shows bullish signals.
Trading Plan:
Buy Zone: Around 1.38000, leveraging the support provided by the NY low and weekly low. Look for reversal patterns or strong bullish signals before entering a buy position.
Sell Zone: Around 1.38834, considering the resistance at the weekly high. This area could provide a good opportunity for short positions if the price shows signs of reversal.
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