Looks like weak selling to me, strategy is for entry for a long position with targets at top of arrows.
Stops should be fairly tight as I am expecting strong push away's from the level
Monthly Price Activity Recap:
Price has stayed within the triangle formation. What started off as weak buying in previous months has turned into weakening selling pressure that mimics the weakening of buys near the end of the originating breakout shown in the above break.
We are also seeing that price failed to break the previous low of the last monthly swing...
Monthly Technical Price Movement Recap:
Since the news of the Covid 19 outbreak, it seems there has not been much of a change in the the prevailing trend of the massive consolidation and accumulation pattern, it seems to be confirming a potential breakout to the upside based on the price activity. It's noticeable that the short selling within the price pattern...
Weekly Technical Price Movement Recap:
Since the news of the Covid 19 outbreak, USD there has been extreme volatility and swings in the weekly price of the USD relative to the CAD dollar. We saw price jump from 1.35~ to 1.40~, a jump of approx 1450 pips in movement. It seems the price jump has created a "top" and has retraced and is sitting at 50% of the last...
