quite simple analysis, we see price reject a trendline with doji candlestick rejections around confluence regions. Price could trail lower towards the targeted region.
also, fundamental activity adds extra validity to our bias.
risk/reward is great for this intraday trade.
price has shown some candlestick rejections at the 78.6%retracement region, we could perceive this as a completion of a new lower high.
Some heavy momentum to the downside could occur.
risk/reward ratio 1:1.3
the Sterling has almost recovered and tapped towards these significant highs, which price had previously shown to be a reversal point.
candlestick rejections around this price point could convey further validity towards downside pressures.
risk/reward ratio 1:1.6
price rejected the long term downward trendline previously which was also in confluence with -27% retracement fib, we could now be seeing a lower high being formed to additional confluence to confirm a more aggressive leg towards the downside.
The first setup to begin the week, we've seen a clear that of the third drive into the downwards trendline, with consisting candlestick rejections and reversal candles(doji) showing bias towards a more bearish move on this pair.
1st targets retest into daily support.
risk/reward ratio 1:2.3
Signs of candlestick rejection around the psych region, with a doji reversal patterned formed on the 15min timeframe. Could see some exhaustion in euro strength, inevitably allowing for price to move to the downside.
Price has progressively rose into highs, where candlestick rejections may be fluent around this fib level, if a dojo reversal sign is shown, price could reverse and find new momentum into the lows in connection to overall trend on higher timeframes.
Signs of candlestick rejections around the 78.6% fib retracement region at which price was consolidating at.
Also, the central bank interest rates remarks could be a catalyst in usdcad price action.
risk/reward ratio 1:1.4