The pair looks like the downside maybe exhausted and the current structure it's developing may turn out to be an ending diagonal and if so this is the end of the recent down move and we will start another lag to the upside.
CAD rate remained unchanged @ 0.50. This may add few longs on the board.. Anyway I got my risk covered.. Thanks..
piphunters
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now it's technically going down in my view and I would only be interested in a sell setup for now
TomPower
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A 20% decline in a few months. The chart looks like K2 in Nepal. It traded below that lower trend line now
piphunters
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yes
peterdcharlebois
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Looks reasonable. And I think you are correct in that the bounce may only be to the top trendline. There is a lot of downside pressure on this pair. It will depend on whether OIL and GOLD are making temporary tops.