The market has stabilized, the first signs of a downtrend appeared
July 9, 2020 7:08:16 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.36)
-65 p
1.3600
Stop Loss
1.3535
Entry
+55 p
1.3480
Target 1
+80 p
1.3455
Target 2
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
- According to the most brokers’ data, more than half of the traders are currently in long positions on USDCAD. As a result, we recommend considering only Short trades at this time.
- The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
- MVP line is above the price and acts as a resistance level.
- We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
- 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.
