moon333

CADUSD broke out the triangle but a strong resistance ahead

FX_IDC:CADUSD   Canadian Dollar / U.S. Dollar
The price action was moving within a symmetrical triangle and after hitting the support it made double bottom at the support of triangle.
In the meanwhile the price line had also completed the formation of gartley and entered in potential reversal zone moreover the volume profile is also showing a very low interest of people to trade below that area.
The double bottom formation and potential reversal zone of gartley and low interest of people as per volume profile produced a powerful bull thrust so the price action broke out the resistance of the triangle.
Now the price action is moving up the trader's interest is too high between 0.382 to 0.618 fibonacci (upto $78.50), and above @78.50 can be a strong sell area coz.
The pivot resistance is above the strong sell area.
And we have a pivot point beneath the price action which can pull down the price action after hitting the area between 0.382 to 0.618 fibonacci of A to D leg of gartley .
But the final decision can be made when the price action will be entered in 0.382 to 0.618 fibonacci after that we need to see the movement of price action and all indicators if they will give bearish signals then we can sell.

Regards,
Atif Akbar (moon333)

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