An ABC Correction following an impulsive five wave. Correction completed at 1.618 extension, before heading back lower below the long term 200 average. Pin bar at previous low confirmed downside pressures.
The price entered sideways consolidation among a symmetrical triangle. It could be heading for a continuation of the short term bullish trend on a breakout above the triangle resistance. More confirmation could be on a break above 0.8035 horizontal resistance, targeting 0.8215.
Following the breakout below the rising trend in it seems that the price is heading towards some sideways consolidation. Selling near 1.1285 resistance level towards 1.1065 support is my preferred trade for now.
I will look to buy near 1.1065 support
Its obvious that the U.S. markets, precisely the Dow industrial has been treading water in the past months. Clear on the chart above. The index entered a period of sideways movement. Which will probably continue for now as investors continue to anticipate economic data. Where good numbers have been a bad catalyst for equities, given the fact that it will support...
Looking at the technical picture for the USDCAD we might be nearing a good support soon, a zone where buying the trend again could be the ideal choice.
The pair has completed a double top bearish reversal formation few weeks ago, and closed below the mid-band for the Bollinger band. The move reached near the ideal target for the double top formation, but found...