We are currently dropping from a monthly mirror pattern ( a very strong reversal pattern) and I expect us to drop down to higher timeframe demand zone (this can take some months).
Once we hit deamnd it is time to load up on longs since the move higher at this point can happen very quickly so be warned.
Short term shorts but once demand is hit, long term...
. There is a possibility of temporary retracement to suggested support line (1.318). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. USDCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
MN-W1 price above ema-20/50/200. D1 price is above ema-200, price appears to be consolidating on as ema-20/50 are intertwining with consolidating falling wedge pattern. Price has bounced back several times from the high of 24-03-20, each time before reaching its price target a correction appears suggested by price trending above H4-ema-20/50.
Here we can see on the hourly chart on USD/CAD that the upwards movements have been loosing momentum as each upwards move has taken longer periods, this can indicate a structure change which lines up well with technicals as it hit and bounced off a strong daily trend-line. Price broke the hour/ 4 hour red trend-line and has started to retrace, i am anticipating...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.348.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=1.349.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
This pair showing weakness whilst the dollar is running is a clear sign it is faltering at the moment.
When we zoom out and look at the daily chart we can see the clear resemblances of the two corridors. 4 touches on the upper trend line and the correlation of higher lows and lower highs.
This accumulation period looks almost identical to the period in late...
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.3180 would begin in Midterm.
While the RSI support #1 at 53 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 1.3180 on 11/22/2018, so more gains maximum to...
Thought i would post this as an update.
My bias on this pair has changed...
Price failing to go higher today made me look further into this and see what is really going on...
200EMA is a magnet for price 1.3000 is next.
Price is now breaking a very important bullish trendline.
Price has been forming lower highs, and we are trading below the 50MA
Stops are above the 12th October high and behind the 0.2360 level.
Two target levels are previous supply and demand zones where there has been a lot of price consolidation.
Reasons to look at potentially going short;
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some...
Thought it was only right since I published AUD analysis this morning I publish CAD as well enjoy :)
A bearish 5-0 pattern formed on the daily chart. This pattern is also supported by demand zones on both the Daily and Weekly timeframe (only daily demand/supply present on the chart as overlapped).
Extended target PT = 1.21527
Happy trading :)