I expect sellers to push the pair down further to the indicated on the chart, whereafter we'll probably see a rebound to test one of the resistance levels, either the 0.99670 level or even the 1.0000 level. I'll be looking at price action patterns and strong price reversal signals around these areas to indicate that the pair is ready for a move further down.
There's at least 2 TP levels, the first one being at the first and the second one being at the lower . Overall, this provides an excellent R/R of > 2.5, with potentially even more if TP2 gets hit as well.
Events to keep in mind are the RBA's meeting minutes report on Tuesday and the Canadian CPI announcements on Friday.
Good luck trading!
Please visit http://smartforexlearning.com and follow us:
- on Twitter: http://twitter.com/smartfxlearning
- on Facebook: https://www.facebook.com/smartforexlearn...
- on Google+: https://plus.google.com/+Smartforexlearn...