How To Make Money Today: USD/CAD Daily Market Analysis and Forex Trading Signals 4 February 2022
To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…
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USD/CAD:
On the Weekly, with price expected to reverse off the stochastics indicator, signifying an overall bearish momentum. We can expect price to drop from our 1st resistance at 1.29626 in line horizontal graphical overlap and 61.8% Fibonacci retracement towards 1st support in line with horizontal swing low support at 1.23427. Alternatively, price may break 1st resistance structure and head for 2nd resistance, which coincides with the horizontal swing high resistance at 1.33505. Traders should wait for prices to swing higher or lower before entering.
On the Daily, with price expected to break the ichimoku cloud, signifying an overall bearish momentum. We can expect price to drop from our 1st resistance at 1.27690 in line horizontal graphical overlap and 61.8% Fibonacci retracement towards 1st support in line with horizontal overlap support ,50% Fibonacci retracement level at 1.26213. Alternatively, price may break 1st resistance structure and head for 2nd resistance, which coincides with the horizontal swing high resistance at 1.28643. Traders should wait for prices to swing higher or lower before entering.
On the H4, with prices moving above the ichimoku cloud, we see the potential for a bounce from our 1st support at 1.26490 in line with horizontal swing low support and 61.8% Fibonacci retracement towards our 1st resistance at 1.27966 in line with horizontal swing high resistance and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1.25771, in line with 61.8% Fibonacci retracement and horizontal swing low support.
Areas of consideration:
- H4 time frame, 1st support at 1.26490
- H4 time frame, 1st resistance at 1.27966
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