Note that description of bar 51 has been elaborated.
The EURCAD does not seem especially strong to me. The last two bars (on the daily chart) show hidden selling and no demand. I would not look for longs until 1.3750 is taken out and tested successfully (on smaller timeframes). Note that 1.3750 is the high of the last bar and also the high of the high volume bar on March 17th. A lot of supply hit the market back then and it is going to need a lot of effort to push through it. Regards
- Confirmed no supply
- No demand (not confirmed)
- Increase of buying pressure
I am using tick volume from one my forex brokers to analyse it.
Those three bars show strength however I would not have been looking for longs there, it is still too choppy. I prefer higher probability trades. The confirmed no supply on May 29th at 1am would have been a nice setup, too bad I do not monitor this pair :)
I have been looking at xxx/yen pairs, the last three bars of the daily charts are showing hidden selling + hidden selling + no demand. If the weakness is confirmed there could be very interesting moves in the yen.
: EURCAD Chart