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Short

Update: The Case Of A Fork In The Road #AUDUSD #AUD #USD #Forex

FX:EURCAD   Euro Fx/Canadian Dollar
104 0 1
Friends,

as we continue to follow this EURCAD-H4 chart, particularly the channel interplay studies we initiated yesterday, I thought it appropriate to look at this particular "battle field" event, one in which a shared median zone defines the middle tier of a bullish and a bearish channel intersecting.

In effect, this zone stands in the way of price much like a "fork in the road" would. Therefore, expect a significant consolidation if price remains "embattled" (literally) within that field.

If instead, price was able to contour around that zone, it would either go above or below it.

In the case where price would move above that zone, expect the zone to act as significant support. Conversely: If price moved underneath if, expect significant overhead resistance.

Either way, price is likely to "mind" this "battle zone".

From a pure inter-channel analysis, price has remained cognizant of the bullish momental lines as far as overhead validation. however, three candles back points to a failure of support and may point to a possible bearish continuation.

Our own predictive analysis (which does NOT rely or look at price or price action) remains bearish at this point.

OVERALL:
A bearish outlook remains in effect as of this writing, with forecast support in the 1.472/1.474 area (mean = 1.473 projected support). Thus, we are maintaining TradingView's Market Direction Prediction as "Short"

Cheers,


- David Alcindor | 4xQuad


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David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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