so the pair is on its way to the identified zone of supply. the price is coiling within the rising wedge formation and I will be looking for a bearish breakout of the wedge to short the pair.
targets will be 1.321/1.314
stop will be strictly above the highest point of the wedge.
*remember that setup is conditional, so if the market goes above the underlined zone, setup will be invalid.
Price looks like it will reach the resistance at the end of wave 3. Daily 200SMA is just above the price now, so a pullback there and push higher again.
VasilyTrader
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@AntonioFX777, have you noticed almost completed ABCD?
Antonio_trader
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@VasilyPonomarev, Yes, though I do not use them much. Great sell off this morning in indices, triggering double tops on Dow and Dax soon. USD should pick up on that, so I am expecting higher on USDCAD. And NZD's amazing rally yesterday could falter now...
VasilyTrader
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@AntonioFX777, hm! yes, I got your point!
I would expect selling wave bit earlier on USDCAD.
but will only trade with confirmation so take into your analysis as well!!
Antonio_trader
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@VasilyPonomarev, Powell's testimony today at 4pm GMT could be the decisive factor on where USD goes, so perhaps best to wait for that before placing new trades...
VasilyTrader
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@AntonioFX777, that is correct!!!
thanks, as always, Antonio, for good thoughts!)
Antonio_trader
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@VasilyPonomarev, you too! Thanks for great analysis as well!
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