The CAD continues to struggle through the first half of the month as the Yen looks to re-emphasize its dominance in the coming week(s). As I look forward to the Breakdown of Daily trendline, a correction/retest of this line might be a simple signal for me.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Breakdown | Reversal Pattern (Head and Shoulder)
Observation: i. Bullish run that started in August 2020 culminated at Y81.600 followed by Lower Highs and Lows.
ii. Breakdown of Neckline @ Y80.00 followed by a rejection of this zone is enough reason for me to support the Bearish bias on this one.
iii. My Key level at Y79.300 appears to have been broken; it is also worthy to note here this level also coincides with the Trendline on Daily chart.
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3.5
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Breakdown | Reversal Pattern (Head and Shoulder)
Observation: i. Bullish run that started in August 2020 culminated at Y81.600 followed by Lower Highs and Lows.
ii. Breakdown of Neckline @ Y80.00 followed by a rejection of this zone is enough reason for me to support the Bearish bias on this one.
iii. My Key level at Y79.300 appears to have been broken; it is also worthy to note here this level also coincides with the Trendline on Daily chart.
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3.5
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously