USDCAD 1H Analysis: Resistance and Support Levels to Watch for S
The chart shows the USDCAD currency pair on a 1-hour timeframe, where the price is currently trading around 1.35124. The market has been in a downtrend, but there is potential for short-term consolidation and a possible retracement before further movement.
Key Observations:
Downtrend Momentum: The price has been steadily declining from the recent high, reaching a lower support zone. The resistance level above (1.3600-1.3620) is expected to act as a key zone for any retracement.
Resistance Zones:
Immediate Resistance: The price might retest the 1.3600 area before continuing the downtrend. This level aligns with the previous structure and is an important area for sellers to enter.
Major Resistance: There is another significant resistance zone around 1.3850 where the price previously reversed, indicating strong selling pressure.
Support Zones:
Immediate Support: A potential move towards 1.34376 is indicated, where buyers could re-enter the market, and further price consolidation may occur.
Major Support: The level around 1.3300 is a significant support area, and a break below this level could lead to further downward momentum.
RSI Indicator: The RSI is showing bearish momentum, and the market may continue to push lower in the short term before any significant retracement occurs.
Expected Price Movement:
In the short term, the price could bounce back toward the 1.3600 resistance area before facing selling pressure. If it fails to break through, a decline toward the support level at 1.34376 and further down to 1.3300 is possible. On the other hand, a break above the resistance would invalidate the bearish bias, signaling further bullish movement.
This setup presents both short-term selling opportunities on retests of resistance zones and potential buying opportunities at support levels for a range-bound strategy.
Key Observations:
Downtrend Momentum: The price has been steadily declining from the recent high, reaching a lower support zone. The resistance level above (1.3600-1.3620) is expected to act as a key zone for any retracement.
Resistance Zones:
Immediate Resistance: The price might retest the 1.3600 area before continuing the downtrend. This level aligns with the previous structure and is an important area for sellers to enter.
Major Resistance: There is another significant resistance zone around 1.3850 where the price previously reversed, indicating strong selling pressure.
Support Zones:
Immediate Support: A potential move towards 1.34376 is indicated, where buyers could re-enter the market, and further price consolidation may occur.
Major Support: The level around 1.3300 is a significant support area, and a break below this level could lead to further downward momentum.
RSI Indicator: The RSI is showing bearish momentum, and the market may continue to push lower in the short term before any significant retracement occurs.
Expected Price Movement:
In the short term, the price could bounce back toward the 1.3600 resistance area before facing selling pressure. If it fails to break through, a decline toward the support level at 1.34376 and further down to 1.3300 is possible. On the other hand, a break above the resistance would invalidate the bearish bias, signaling further bullish movement.
This setup presents both short-term selling opportunities on retests of resistance zones and potential buying opportunities at support levels for a range-bound strategy.
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