I am a Technical Forex Trader & Analyst.
Trading the Forex markets on behalf of Samuel & Co Trading in Watford, I am here to take on the game and prove the naysayers wrong. Come and join my journey as I release my weekly technical analysis and results of last weeks predictions, opening the floor to feedback, open conversation and other peoples opinions… I look forward to engaging with you all.
Here is my technical analysis outlook on USDCAD moving into the second half of March 2019.
As you can see from the weekly chart, the price has been forming oh so sweetly within this textbook ascending channel since August 2017. Moving towards the backend of last year (2018), the price had once again rejected the top of the channel trendline around the 1.366 level and began its next bearish run down towards the bottom of the channel. After reaching the bottom of the channel around 1.31, you can see price used the weekly 50ema as dynamic resistance twice throughout the course of Feb 2019, suggesting this market is prepping for its next bull run back to the top of the channel, around 1.366.
Using a top-down approach for entry and moving onto the daily chart, you can clearly see that price has been forming an inverse head and shoulder pattern since the beginning of 2019. With price breaking through the neckline at the beginning of March around the 1.334 level we have seen a rejection/pullback around the 1.36 area. After 4 days of selling off, I thought I’d pull out my trusty Fib retracement tool only to find that price decided to reject the 0.5 Fib level, alongside some dynamic resistance from the daily 50ema… once again signalling to me that this market is setting up for its next push up. Upon entering this market my target would be the previous high of Jan 2019 - 1.36500 level… What are your thoughts?
Disclaimer: Any statements non-factual in nature constitute only current opinions, which are subject to change. The information presented in this article is not a specific buy or sell recommendation and is presented solely for informational purposes only. Not be taken as financial advice.