Hi Traders! We have CADCHF double scenario forming at the moment. A detailed analysis of this short term sell and long term buy setup is as follows:
CADCHF D1 Chart:
On the daily chart we have a potential double wave up that is forming at the moment. We have a critical level that has formed based on the fibo level of this cycle. 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 Chat:
On the H4 chart we have a potential special or triple cycle that is forming at the moment. We also have a critical zone that has formed based on the fibo levels of the cycles which is slightly higher from the current zone. We may now expect one more push higher from the current zone towards this critical zone with the bearish divergence completing itself. We may then start looking for short term sells with more bearish evidences towards the 38.2% – 50% fibo retrace zone. Once we get opposite evidences then I will be looking for bullish setups in order to join the bulls.
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 sell and buy setup then you can use any setup and strategy that you have in your arsenal to look for bearish and bullish moves and join this sell and buy trade.
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