Just my opinion based on the present daily chart. From the picture you can see consolidate above previous consolidation and a strong bulling candle breaking through previous resistance. The last two days have only showed minor pullbacks, a break above the 50 MA could yield a 100 pip run up.
Low Risk Entry on the hourly, you can see by the circled area we are holding right above the 50 Day Moving Avg. The shaded area is where I'm looking to break through and hold, with a target above the last high.
Looking back since March, we've got strong support on the daily, consolidated with higher lows and price once again consolidating. Looking for roughly a 200 pip move to the upside over the next 3-4 weeks.
The pair has moved 700 pips as of recent, based on MACD and Retail money already heavily bought in looking like a potential short opportunity is among us.
MACD is is showing strong momentum into resistance, 700 pip run-up and retail money is way over invested.
If you saw my last post on USDCAD, we've got a very similar setup, previous strong rejection on the Daily, a bit of a retrace on weakening momentum, retail money starting to fade, with no real sell-off, would expect a big drop in the next few days.
Looking at the Daily, you can see major resistance marked by '1' and '2', we are now heading into an area of resistance. If you notice, slight MACD divergence and retail money moving in not as strong, also we had a very small sell off last time marked by the small red curve on the Sentiment indicator.
If we get a strong rejection look to sell.
We've got a great looking Bearish Morning Star Setup as seen on the left Daily Chart. The Entry will be on the break of the close from Friday's session.
On the right, I've moved into the 1 HR Chart, you can see a 12 PIP Stop loss setup ( or maybe even better if you wait for a small pull back and then bread down).
The Take Profit is identified by the previous...