Even though I am stuck in USDCHF in a long position and it has been driving me like a roller coaster, I just got my eyes to this interesting pair: EURCAD. Below are the images and the observation I got:
1. So looking at the weekly chart, we can spot 2 below yellow lines are definite supports and a possible 1 (near) resistance on top (the third yelllow line)
2. Zooming closer I see 2 down trends have been broken and retested and turned into a possible uptrend (white lines)
3. Have a closer look and still within the daily chart, a slight head and shoulder pattern with the neck line drawn as the upper red line and another red line beneath it as possible uptrend support zone. A close from yesterday as a hammer looks good to me.
4. More interestingly, on the H4 chart, those supports have been retested and survived even though we had a EUR collision yesterday. So i will be watching this pair on Monday on if everything going well, I will aim for the spot I circled on the previous image. A daily close of a green bar should look good.
Sorry, MACD was there just to sometimes indicate the momentum to support my decisions, I don't use it too often.
