Hello traders,
Tuesday has some interesting setups:
1. USD/CAD
Last week, we saw a strong reversal on the USD/CAD after forming a triple top on the weekly time frame.
On the daily time frame, we can see price is currently on a key support zone. While I am still bearishly biased when looking at the weekly time frame, there is a strong possibility that price may give us a pullback at the current zone.
We may see a 50% retracement level, which is a little over 80 pips. Moreover, the coast is clear on Tuesday, as we have no high-impact news on either currency
2. GBP/USD
GBP/USD on the daily time frame is at a key resistance zone.
Yes, we saw a huge bullish move last week on the GBP/USD, but at the current resistance zone, we are most likely to see a 50% retracement, which a over 100 pips drop.
Don’t also forget that USD/CAD and GBP/USD are yin and yang, so if you are selling GBP/USD, do not buy USD/CAD. lest you get burned if the analysis flops.
What say you?
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