USD & CAD are suffering bad data outputs and lack of demand for oil.
We could see this market testing the bottom of the short term range around the 1.315 zone looking for direction.
Further drop in manufacturing data could see further downside.
Price had previously been in downtrend for a long time , past the lowest price zone , Price is pulling back into zone and resistance line.
BREAKOUT occurring ???? anytime soon , what can we consider ? Brexit ?.
(feedback ,thoughts or criticism welcome)
comment about your keyzones
Ive been holding this Short since the dawn of time.
This will be a big £ trade.
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- RSI bearish divergence on the H4.
- Rejected major resistance level around 1.174 on the H1.
- On the daily timeframe, the fibonacci level of 38.2 has been fulfilled at this key level of 1.1740 which if holds up could imply that the retracement has finished or halted for the time being.
- Could see price action consolidate within the previous trading range...
From plotting resistance lines from the lagging span, you can get a clear picture off ware ETC could be heading.
The kumo cross combined with the tk across happening above the cloud indicates a strong bull signal. If the Volume can increase we can expect to see strong bullish behavior towards these resistance lines, most likely with bounces between.