Fundamentals and technical check for sell off continuation
Presented is a the 1 hr chart for this pair. All fundamentals and technicals point towards sell off continuation.
I chose the 1 hr chart for a clear directional analysis however attached is the day chart snap that confirms direction.
The pair is sitting at a key daily support of 1.48900. Currently on the 1 hr chart our MACD and RSI indicators are set to pivot at very key indicators supports. (Also attached is 1 hr snaps of MACD and RSI pivot consistency at these levels). This sentiments a pivot retest at 1.51000 which serves as a top descending channel resistance. A sharp pivot close pit will be my entry point.
With a pivot play out towards my sentiment, RSI will be making a pivot at 62 which is the ideal pivot level within a down trends. MACD and Signal will be making a correction cross just below the 0 line for continuation.
The Loonie has been a hot topic this week as the unemployment rate dropped significantly giving the CAD significant positive sentiment. Gurus are pointing towards the Loonie strength while Daily FX admitted they will take the contrarian belief towards negative sentiment of the Loonie (meaning the will go bullish with negative sentiment)
Fundamentals and technical check out for sell of continuation. Observe chart for key pivot points and final take profit. Attached is RSI, MACD, and support sentiment.
MACD and RSI support play outs
Daily 1.48900 support play out
Please comment with thoughts and ideas. Thank you.
I chose the 1 hr chart for a clear directional analysis however attached is the day chart snap that confirms direction.
The pair is sitting at a key daily support of 1.48900. Currently on the 1 hr chart our MACD and RSI indicators are set to pivot at very key indicators supports. (Also attached is 1 hr snaps of MACD and RSI pivot consistency at these levels). This sentiments a pivot retest at 1.51000 which serves as a top descending channel resistance. A sharp pivot close pit will be my entry point.
With a pivot play out towards my sentiment, RSI will be making a pivot at 62 which is the ideal pivot level within a down trends. MACD and Signal will be making a correction cross just below the 0 line for continuation.
The Loonie has been a hot topic this week as the unemployment rate dropped significantly giving the CAD significant positive sentiment. Gurus are pointing towards the Loonie strength while Daily FX admitted they will take the contrarian belief towards negative sentiment of the Loonie (meaning the will go bullish with negative sentiment)
Fundamentals and technical check out for sell of continuation. Observe chart for key pivot points and final take profit. Attached is RSI, MACD, and support sentiment.
Please comment with thoughts and ideas. Thank you.