EURCAD - Leaving the range, clearing the bottom?
EURCAD has been swinging in 1,4030 - 1,4430 range, but with further pressure on EUR it may finally break out on the lower side.
Daily: Price is below Kumo and Kijun Sen, Tenkan/Kijun is weak bearish, and Chikou Span may soon confirm a bearish trend continuation with a strong sell signal. We can also see a bearish Senkou SPan cross (future Kumo twist)DMI is bearish, with an increasing ADX, MACD is falling too. The door is open for a deeper drop. Longer term tgts are 1,3500 and 1,3150.
4 Hrs: Bearish trending since 19/Dec Kumo breakout at 1,4200. Short term a bit oversold (Slow Stoch), so we may see small spikes but as the trend is likely to continue (Ichimoku setup + DMI and ADX all suggest that) these spikes back to Kijun Sen we can use to sell the pair.
Strategy looks simple, sell and forget it for a while. Initial stops based on daily should be placed at 1,4300
Daily: Price is below Kumo and Kijun Sen, Tenkan/Kijun is weak bearish, and Chikou Span may soon confirm a bearish trend continuation with a strong sell signal. We can also see a bearish Senkou SPan cross (future Kumo twist)DMI is bearish, with an increasing ADX, MACD is falling too. The door is open for a deeper drop. Longer term tgts are 1,3500 and 1,3150.
4 Hrs: Bearish trending since 19/Dec Kumo breakout at 1,4200. Short term a bit oversold (Slow Stoch), so we may see small spikes but as the trend is likely to continue (Ichimoku setup + DMI and ADX all suggest that) these spikes back to Kijun Sen we can use to sell the pair.
Strategy looks simple, sell and forget it for a while. Initial stops based on daily should be placed at 1,4300
