The market has stabilized, the first signs of a downtrend appeared
December 3, 2020 7:46:24 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.2845)
-70 p
1.3010
Stop Loss
1.2940
Entry
+70 p
1.2870
Target 1
+95 p
1.2845
Target 2
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
- Majority of traders are still holding onto Longs. This means we should continue to Sell USDCAD.
- The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
- The idea of this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
- Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
- The drop in price will be accompanied by triggering of the market crowd’s Stop Losses, which in turn will serve as a “fuel” for the downward movement.
