Silver in Profit, USDCAD Price Action Context + Pin Bar | Sep 7
My Current Active Open Trades: XAGUSD & AUDUSD (Option)
Silver – Bounces From Key Support, First Target Hit (4hr chart)
In our weekly market commentary, we talked about 18.45 being key structural support and likely to produce a bounce with our MT bias bullish above here.
As you can see from the chart below, a bounce is exactly what happened with our first target between 19.25 and 19.50 hit. Currently the commodity is sitting just under 20 and still looking structurally bullish.
I’m holding my current long and am looking for an attack near 21 before solid offers come in. Clearing here puts 24 into context while a break back below 19.25/50 will put more pressure on 18.45 and the bids there.
Make sure to check in with our member commentary for updates on how I’m trading this.
USDCAD – Price Action Context + Pin Bar, Likely Downside (weekly chart)
Holding between 1.3250 and 1.24 since April, the USDCAD formed a weekly pin bar last week off the 20 EMA. If you look at the overall price action context, we’re in a large CT corrective structure.
This suggests the next move is likely to the downside with the first target towards 1.25, and a break here opening up the ‘big figure’ at 1.20.
For now resistance comes in at 1.3250 near the top of the CT corrective structure, so bears not currently short can watch for opportunities here, or potentially the 20 EMA.
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