USD vs XXX all depends on Investor's RORO sentiment (USDCAD )
(Chart contains more detail)
Long Bias:
If price action remains above this counter-trend level, I am looking for the market to push up to the highlighted area and potentially higher to confirm the protected High.
Short Bias:
If the dollar fails to maintain bullish momentum and the Strong bearish momentum that the engulfing candlestick showed, expect price action to fall to the bullish trend continuation level and then make a decision.
Long Bias:
If price action remains above this counter-trend level, I am looking for the market to push up to the highlighted area and potentially higher to confirm the protected High.
Short Bias:
If the dollar fails to maintain bullish momentum and the Strong bearish momentum that the engulfing candlestick showed, expect price action to fall to the bullish trend continuation level and then make a decision.
Comment:
The bullish bias was about 220 PIPs, and the bearish bias (we are currently in was about 320 PIPs as of this morning. This is a clear price equilibrium happening concerning the market whiplash/seesaw from Wednesday through Friday of last week and then strong open during Day 1 yesterday. How will we fair during day 2? Who knows with the US economy and investor sentiment? Right now, it appears to be Risk-on, but that could change if we see additional sour economic news concerning the USD.
