Forex Trade Set Ups - 7th July 2024

Author

Mark Freeman
July 07, 2024

Trade Set Ups - 7th July 2024

All Trade Set Ups Are Analysed Using 1hour, 4hour & 1 Day Time Frame

In this email:

  • CAD/GBP

  • AUD/USD

CAD/GBP Set Ups 💰

CAD/GBP are on a clear entry so it’s all about finding the right short entry. On the daily chart, prices keep dropping, staying below the 180-day average. The RSI and MACD both say the market is bearish.I’m seeing a strong resistance at 0.5800 and support at 0.5700.

The 4-hour chart is telling the same story. Prices are below the 180-period moving average, and both RSI and MACD show bearish signals. Here, resistance is around 0.5743, with support near 0.5700.

On the 1-hour chart prices are below the 15-period and 180-period moving averages. The RSI is looking a little oversold so need to be aware of the potential fr a short-term bounce. Immediate resistance is at 0.5732, and support is at 0.5715.

We’ve been in a downtrend but be mindful of a bounce on the back of this strong selling

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