Daily outlook on this pair. We saw a retest of weekly resistance, which was rejected and price broke out to the downside after it formed a rising wedge on 4h time frame.
Weekly formed a bearish engulfing candle, with buyers coming in at the support level indicated. Price is likely to retrace towards the break out level as pointed out on the chart before continuing down and ultimately testing the lows of 87.0000 level.
Personally I am looking for price to show signs of exhaustion at key level before i commit to a short. However, my outlook is to the short side as any bullish rally is just a retrace before bears come in. Things to watch out for is the BOC interest rate decisions on the 11th of July which could offset the bearish trend, or potentially test previous highs of 91.000
Weekly formed a bearish engulfing candle, with buyers coming in at the support level indicated. Price is likely to retrace towards the break out level as pointed out on the chart before continuing down and ultimately testing the lows of 87.0000 level.
Personally I am looking for price to show signs of exhaustion at key level before i commit to a short. However, my outlook is to the short side as any bullish rally is just a retrace before bears come in. Things to watch out for is the BOC interest rate decisions on the 11th of July which could offset the bearish trend, or potentially test previous highs of 91.000