stockmarketdaytrader
Short

Price is dropping right now

FX:USDCAD   U.S. Dollar / Canadian Dollar
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This pair had a nice run up and looks like price needs to head back and relax for a little bit. On the daily chart price action just hit a neckline, which is a resistance area , its fair to think price will fall based on that reason alone, but, we have other supporting elements that tell us prices are dropping! On the 4 hour chart we have railway tracks that formed a small top! Railway tracks formed right at the resistance line, telling us that price action found resistance and will now look to head down! Perfect touch of resistance says price will drop! Hourly chart MACD is showing negative divergence, that can only mean price will fall, its a very good signal! On the 30 minute chart we can see the same MACD signal, which adds power to the drop! On the 15 minute chart we can see the head and shoulders pattern, this pattern is basically the trigger for the drop . We also have a 123 setup, and price is reaching to break the number 2 as i write this!!!
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