So this one is really interesting. CAD has to my pleasure been really bullish for a while, and it looks like that might continue. We're currently in a breakout channel from a previous downward trend, and has just gotten out first smell of fresh air.
I was thinking about putting a short on since its rebounding, but then I realized that that would be fucking crazy. ...
Setup: CAD had a good run and looses momentum at previous key levels. Way overbought on both RSI and Stoch. AUD looking pretty much other way - pulled down with NZD but looks to form a H&S on it's 60m chart. Currently sitting on previous key level and way oversold.
We're looking for a shorter move since it's basically an anti-trend trade. Enter now. Stop loss can ...
Potential Cypher Harmonic Pattern , but need to hold until the pattern complete.
Short term trader might consider to long if the line touch on 1.0030 (break the 0.786 @ short term fibbo), and look forward to test the next resistant at 1.0090 (touch the 0.618 @ long term fibbo). However it is still early to determine. Longer observation is required.
The idea was a long position into 0.99, but it looks likeit's kinda slow to develop. I got long at 0.9806 but very soon did not like a shorter time frame price action - it broke down a recent uptrend and traded all along below VWAP. Got flat having in mind coming weekend. Still bullish on this