themarketzone

Moving towards bearish Crab's PRZ

FX:USDCAD   U.S. Dollar/Canadian Dollar
$USDCAD is slowly but surely grinding its way up towards the Crab pattern's PRZ.
Despite intraday up and down swings, $USDJPY             managed to stay above its Fast SMA line and maintain its trend.

Two bearish scenarios for $USDCAD:
1. Completion of Crab pattern near 1.34-1.35 (see risks and potential rewards in the chart)
2. Breakdown of the Fast SMA line could lead to quick pullback (possibly towards 50 SMA line)

This analysis is part of the Weekly Markets Analysis newsletters
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thank so much.
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USDJPY?
It looks to be done, upside wise to me, but I'm not trading it atm.
A really tricky corrective structure.
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USDJPY? Very limited upside I agree.. It will be great to see that Crab completion but I'm not sure it'll reach there. That's what the second scenario is for.
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themarketzone PRO themarketzone
Every time I thought this one will break, it maintained its trend
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IvanLabrie PRO themarketzone
(You wrote usdjpy here, thought it was a mistake)
USDCAD, yes, PRZ would be nice, but not sure it's doable now.
That being said, unless oil continues to rally, I seriously doubt USDCAD will go down.
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I wrote things in a rush (also the bearish SPY pattern - Which is bullish).. can't edit.
Thanks
+1 Reply
IvanLabrie PRO themarketzone
Ah, gotcha...happens, 15 min limit is a nuissance but well.
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Yes, i'll be shorting USDCAD at 1.33523. target is 1.27005
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Hi what you think about this. We should sell...?https://www.tradingview.com/x/rZxDziOo/
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FXROB FXROB
sorry ab.
snapshot
+1 Reply
Very interesting but I wouldn't aim so far...
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I am a daily Trader so... I have to take higher time fr.
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Focus on 1.2 than.. My opinion
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Seems like we're heading to that PRZ after all.
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It is getting there. I just wrote in my newsletters that I expect an explosive move following the kind of price action we currently see on $USDCAD. I think that we will see a bullish spike, cleaning all stop losses that wait above 1.34-1.35 and then we'll get the reversal.
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This week's newsletters continue to monitor $USDCAD as it continues to stay above the SMA line and probably will reach Crab's PRZ on FOMC week - http://goo.gl/4z09V2
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IvanLabrie PRO themarketzone
Same view, looking to short the very top if possible. I think it might be interesting to short GBPCAD as well.
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As USD continues to advance, USD is now less than 100 pips from PRZ.
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themarketzone PRO themarketzone
Does U.S dollar have power for one more bullish run?
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