My analysis on CadChf… as of now it has been in a downtrend since Oct 2019, recently it has broken through many levels of struture support & appears to have broken through daily trend support. This isn't a true breakout yet, because it has not finished test for support/resistance on level 0.72250.
On Daily timeframe it appears to be very low/oversold on rsi since breakthrough & is low to the 200 ema acts as resistance.
Now we have an opportunity to buy or sell depending on what happens next week.
My predictions.. I think it will respect 0.7225 as support & at least test .73244 for resistance. Making long look really sweet right now. Just don't even look for a long entry until test. If it breaks through .72250 then wait for pullback and find entry for quick sell if risk/reward worth it.
On Daily timeframe it appears to be very low/oversold on rsi since breakthrough & is low to the 200 ema acts as resistance.
Now we have an opportunity to buy or sell depending on what happens next week.
My predictions.. I think it will respect 0.7225 as support & at least test .73244 for resistance. Making long look really sweet right now. Just don't even look for a long entry until test. If it breaks through .72250 then wait for pullback and find entry for quick sell if risk/reward worth it.
Comment:
So far this is looking like a short. Still waiting for retest to confirm.
Comment:
Now its looking like long but stay posted & be patient.