In theory this could be considered a falling wedge on a uptrend? So there for could be a decent long position to previous resistance.
Alternatively it could be seen as a pennant pattern. So therefore it could go short.
Any feedback appreciated :)
Bearish pennant formed indicating a continuation of the downtrend. This market is coming up to an area of resistance which should trigger some movement to the downside and make a new low. NFP later this week so hopefully out before that.
A good opportunity to get short, and also to "hedge" my NZDCAD long position.
Break of pennant to the downside, broken line as resistance together with structure.
Fibo 38.2 and 61.8 falls neatly together.
Inside a forming bullish pennant we find a opportunity to get long with retest of trendline/lower pennant line which should act as resistance, together with the completion of a Cypher-pattern.
I entered 0.95435 with target at 0.95633
Stop loss below previous support.