Hi Traders! Weekly summary and review July 30th, 2021 is here. It is now time to recap and summarize the trade setups that we had during this week. Below you will find the short explanation of all the trade setups we had in this week and how it has currently developed now.
USDCAD – My idea here was “On the H1 chart, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies here as well in downward moving market conditions so it basically reflects a bearish environment. Until this condition changes my view remains bearish here. In addition to this, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a flat correction is happening in the form of a range. So based on all this my view here is bearish and I expect the price to move lower further in the short term”.
Natural Gas – My idea here was “On the H1 chart, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a correction is happening in the form of double wave to the upside. While measuring the first wave of this correction we have a key resistance zone that has formed by the 61.8%(4.063) – 100%(4.135) Fibonacci expansion levels. Until this key resistance zone holds my short term view remains bearish here and I expect the price to move lower further”.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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