glennmercer
Long

UDSCAD Long: Time For the Rebound - So much Confluence!

FX:USDCAD   U.S. Dollar / Canadian Dollar
Yesterday I posted this:


With a conservative short TP at the .786 fib. The pair has now dropped to the 1.618 level and is showing us several signs of bullish confluence, indicating a rebound is in order. A falling wedge/Wolfe Wave is complete and is pushing the upper retaining resistance line. Pinbar support has also formed on the 1HR chart at a key level: the bearish ADR line, which typically is a great sign for this level acting as strong support. On the Average Period Relative Range indicators, the triangle that was predicted is scheduling to complete on the 1H chart and the 15m chart is showing a potential HAS breakout if the neckline is broken. If the neckline breaks, so will too the upper boundary of the bullish Wolfe Wave . Pattern targets range between 35-55 pips, however there is a very important level at 37 pips. This level marks confluence between the wolfe wave target line, .382 fib level, and an AB=CD/Head and shoulders target line. Remember that this is end of week trading so ensure these types of trades fit within your trading plan.

Happy Trading!
GM
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