from a bigger timeframe, we are in a correctional phase but price looks like it will make another move to the upside before sellers come in.
price made a big double bottom and a smaller one on the 15min which gives me enough reason to go long. Waiting for breakout to confirm bias.
On usdcad weekly, I see price break out of an ascending channel very cleanly while forming a daily support trendline which was supported by a falling wedge in the 4hr chart.
Price broke out of the falling wedge which is now shown the 15 min chart.
weekly chart is showing usdcad in a bullish flag pattern.
daily chart shows that usdcad entered an ascending channel which broke out and retested the trendline.
however enter at your own risk as NFP is due on a Friday so anything can happen.
Rio has successfully completed a rising wedge pattern - broke down the support line and now it's slowly going to test it. It seems like very likely the support becomes a new resistance and stock is going to go down.
However, it has also stopped at the 50MA with slightly increased volume, which may signal also a support. Now, it is crucial to watch the lower trend...
on the 240 time frame there is a wedge pattern an this can possibly break to the downside becasue RSI is showing divergence whilst the market showing a upward moving wedge this can led to the market falling