Forex analysis | Amega Forex Broker

USDCAD 08.01.2021

8 January 2021 Amega

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.26297-1.26202 and it has a potential to reach the target zone №2 1.25316-1.25222. The best prices to try to have a short position are the control resistance zone 1.27393-1.27296. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Forex analysis | Amega Forex Broker

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.27393-1.27296 (110 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.


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