ON DAILY TIMEFRAME WE ARE ATTEMPTING ANOTHER BREAK ABOVE THE DOWN TREND CHANNEL, IF IT HOLDS WE SHOULD START SEEING BULLISH TREND START. OUR FIRST TARGET WOULD BE .6879 AND ALSO TRIPLE TOP. SHOULD BE A GOOD RE-TEST POINT.
After todays NFP we had a break of the long trending bearish flag formation. The first supply zone and target on the daily chart seems to be .6420 and the second .6230, then just to further monitor the behavior for further direction.
We have a long downtrend channel formed from around July and still going. It seems we have a short uptrend going on within the channel, possible break of "Fallen Wedge" short term bullish pattern. Looks like a supply zone and resistance on the upper trend line of the Channel possibly at .6900 should be good sell.
Looks like a possible reversal level, where we are currently. If reversal not occuring at the moment then possible down movement to bottom line of the uptrend channel. Ultimately looking for break of "Falling Wedge" for bullish moemntum looking weakness at around .6900
USDCAD on the 4hr tf just broke triangle pattern on the bigger picture which is bullish overall, but at same time its forming a rising wedge which is a bearish sign if it hold that pattern. Lets see what happens
NZDCAD on the daily chart outlook appears bullish. It shows a "Falling Wedge", a break will definitely confirm a bullish position, till then monitor trend trading withing Wedge. It meeting with Demand Zone, also forming a "Bottom Tweezers". Next candle if green i believe a move towards TP1, once wedge broken target at TP2 & TP3.
USDCAD had formation of Falling Wedge break which is a bullish indicator. Ultimately the goal and target will be 1.2815 being that the definition of falling wedge pattern consists that after break your target will be where the trend begins also ends up being a double top pattern. Along the path are market TP area's at different Supply zones. EP at 1.2470 with SL...