CADJPY Bullish to Bearish
Due to the Oil Price CAD being Super Bullish Since Last Week, it creates Higher Point in Daily, weekly even Monthly Chart, the Weekly chart still in bearish trend which it’s last Higher Point was 91.186 on 3rd week of May and get rejected by 4th week of May.
Weekly Chart & Trending:
On Weekly chart CADJPY creates a Strong Support as 84.6 since its previous weekly support 77.9, following by a downtrend rejection at 84.8 until now its in a Clear Up-trending path.
Daily Chart:
Breaks 2 Major Resistance and its nearly reaching another Daily Resistance point, if break this point this Up-trending is a possible Uptrend continuation for the Weekly chart.
Possible Trending for the Coming week {Downtrend}. (Trader’s psychology, its being in an uptrend for 2 weeks, there will be a downtrend at least 38% Fib of previous trending)
Applicable Factors,
Supporting Factors: WTICOUSD creates 2 Top in 4 hours chart and 2nd top Body still under First top Resistance zone, end of market even if there a Bullish closing on the 4 hours candles, can expect for a bearish pattern on another 2 candles of next week,
Other XXXJPY pairs at the resistance zone, reject of other pairs will become a Bearish for the CADJPY
Best to Do Not Place trade on Tomorrow except scalping
This is from my side of knowledge and analysis, kindly comment on the possibilities
Weekly Chart & Trending:
On Weekly chart CADJPY creates a Strong Support as 84.6 since its previous weekly support 77.9, following by a downtrend rejection at 84.8 until now its in a Clear Up-trending path.
Daily Chart:
Breaks 2 Major Resistance and its nearly reaching another Daily Resistance point, if break this point this Up-trending is a possible Uptrend continuation for the Weekly chart.
Possible Trending for the Coming week {Downtrend}. (Trader’s psychology, its being in an uptrend for 2 weeks, there will be a downtrend at least 38% Fib of previous trending)
Applicable Factors,
Supporting Factors: WTICOUSD creates 2 Top in 4 hours chart and 2nd top Body still under First top Resistance zone, end of market even if there a Bullish closing on the 4 hours candles, can expect for a bearish pattern on another 2 candles of next week,
Other XXXJPY pairs at the resistance zone, reject of other pairs will become a Bearish for the CADJPY
Best to Do Not Place trade on Tomorrow except scalping
This is from my side of knowledge and analysis, kindly comment on the possibilities
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