Hi Traders! We have CADCHF sell opportunity forming at the moment. A detailed analysis of this sell setup is as follows:
CADCHF Daily Chart:
On the daily chart the price which is moving lower has created lower highs whereas we have higher highs on the MACD thus forming a hidden bearish divergence. We may consider this as a confirmation for the bearish pressure. We will look for more confirmations on lower timeframes in order to join the bears.
CADCHF H4 Chart:
On the H4 chart we have a double cycle, based on the fibo extension level of the first leg of the bigger and smaller double cycles we have, the 100 fibo extension level and the 161.8 fibo extension level coincides on the same area creating a magnet zone for us. Currently the price has reached this magnet zone, we also have a bearish divergence which we may consider as a confirmation for the bearish pressure. Hence we may expect a bearish reversal to happen from this zone and we can go short with the breakout of the most recent uptrend line.
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 setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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