UPDATE: Price broke a sideways support within structure, it has broken out now is a good time to get some downside activity.
Compelling bearish signals at the top of the range at the sideways resistance line shows investors clearly acknowledged this level as a place for potential downside opportunity. It appears the bulls have been swiped and a new downside agenda is clear. Expecting to see strong lows from this move, with a logical target being the sideways support level, bottom of structure. Crude Oil prices continue to rally, meaning it makes logical sense to consider shorting Canadian dollar crossovers.
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Comments
invinci
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Seem to have a strong support level at 1.3380?
TomProTrader
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@invinci, I think there's enough momentum to break that support, however, there is a strong support @1.3240's level.
invinci
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@Tom_Killick - do you see a catalyst to push through the 1.3380 level or purely price action?
TomProTrader
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@invinci, Yes. There is compelling price action supporting downside. I also think Crude Oil will rally more into the highs. As the move isn't over yet in my opinion.