We're looking at a consolidation zone that's waiting to break out, current trend is bearish, and a downtrend might continue until reversed by positive USD news this week. NFP on May 1st will push it upwards and will continue until Friday, May 3rd, employment correction news. So short term downwards, and longterm we should see a reversal to the next major demand area.
Comment:
So we ended up continuing the downtrend. and now creating minor support (15M) around 1.33951. We did see a spike upwards this morning (EST) due to GDP announcement from Statistics Canada. so there was a wick that was created, filled with an upwards trend then descended down to the current price range.
Will keep monitoring and updating.
Will keep monitoring and updating.
Comment:
lol well well then. Clearly this has been heading down, but this downtrend is lasting longer than I anticipated.
Either it'll bounce off of 1.33877 and continue up to the demand zone. Or it'll bounce off for a fake out then head down to the major support zone.
Either it'll bounce off of 1.33877 and continue up to the demand zone. Or it'll bounce off for a fake out then head down to the major support zone.
Comment:
So it bounced off of 1.33877 zone and continued up to 1.34515, our current retesting area.
I anticipate a retest then a continuation of an upwards move to the mentioned demand zone.
I anticipate a retest then a continuation of an upwards move to the mentioned demand zone.
Comment:
So looking at the chart right now (Sunday, May 5th) I'm unsure if it'll continue up or down. So I'll just wait it out and see it performs by Wednesday, May 8th and update accordingly.
Will keep monitoring and updating.