shorting UJ @ THIS LEVEL SINCE THIS MARKET HAS BEEN IN A BEARISH PATTERN CURRENTLY TRADING SIDEWAYS IF IT DOES REACH MY LEVEL WILL BE GOING FOR POTENTIAL SHORTS
There are technicals for either outcome to go off from my analysis here on the USDCAD Daily. Given the monthly support rejected price aswell as the top channel rejecting price for a 3rd bounce, gives me an incline a B/O seems pretty natural and potentially to the upside. however with all MA'S crossed over to the downside on all higher TF'S & bearish engulfings...
Possible Short Entry #1 - This entry would be a nice retest after a breakout to 1.100 resistance and a possible rejection of the trend line.
Possible Short Entry #2 - If no Entry signals appear around the first target then a entry at the apex of the trendline and the 1.110 level would also be a great a opportunity
Entry Signal: Reversal Candle Stick Pattern
Reasons for
- We are clearly up trending
- We are putting in higher highs and lower highs
- We are getting nice swing highs and structure
- Previous 4 hour candle was a bullish hammer (Bullish candle)
- We have nice long wicks to the downside which signals more buying power
- We are above key level of 0.75000
Daily
- We put in a huge Bullish engulfing last...
Maybe a little pullback, but watch this.... breakout will be big. Today's 50% candle is very convincing...
news.forexlive.com
Let's see how the restructuring plays out, its not official yet but rumors.
