Hi Traders! CADCHF critical zone provides bullish opportunity for us. A detailed analysis of this buy setup is as follows:
CADCHF W1 Chart:
On the weekly chart the price is moving inside a triangle pattern and we also have a potential double wave up that is forming at the moment. We have a critical zone that has formed based on the fibo level of this cycle and the top of the triangle pattern. We may now expect the price to possibly move higher towards this level. We may now look for evidences of bullish pressure on lower timeframes in order to join the bulls.
CADCHF H4 Chart:
On the H4 chart the price has created a potential double wave down and the price is nearing a strong support zone. In addition to this we also have a potential bullish divergence that is forming at the moment.
CADCHF H1 Chart:
On the H1 chart we have a critical zone that has formed based on the fibo levels of the cycles and the H4 support zone. We may now expect one more push lower from the current zone towards this critical zone and then we may look for more bullish evidences in order to join the bulls. We also have potential bullish divergence that is forming at the moment.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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