USDCAD: Good signs for a Daily short trend
USDCAD
Price has been in a great weekly uptrend for months now. However, if you look at the weekly chart it looks like it has been overbought and could be heading down towards a stronger base before moving up again.
Friday, price has closed and broken trough 3 important zones: a daily trendline, a very strong weekly trendline and some horizontal S&R. On top of that RSI14 has made nice lower tops past few weeks.
If the signs keep favoring this move, price will probably be heading towards the strong base at 1.07259, Potentially going towards 1.05784.
Update 8/4: Looks like we got a nice confirmation candle and are heading downwards towards our project TP's, yay! Potential (temporary) turning point at 1.0836x. Let's see whats happens.
Update 11/4: I don't really like the 10/4 candle closing above 9/4 AND above our 1.0906x projected line... lets see what price does today.
Update 14/4: Today's candle is not so bad - chances are price sticking around for a few days before going down. As our upper pink line still is respected, no reason to get out of the trade yet.
Update 28/4: The trade still hasn't turned our way yet, however I'm not out this trade yet. Trade is currently respecting a line at 1.10410. Also we have a (somewhat weaker) trendline, pushing down on the trade, the very lightish line on the chart. Unless we have a clear break upwards, this trade still looks valid!
Price has been in a great weekly uptrend for months now. However, if you look at the weekly chart it looks like it has been overbought and could be heading down towards a stronger base before moving up again.
Friday, price has closed and broken trough 3 important zones: a daily trendline, a very strong weekly trendline and some horizontal S&R. On top of that RSI14 has made nice lower tops past few weeks.
If the signs keep favoring this move, price will probably be heading towards the strong base at 1.07259, Potentially going towards 1.05784.
Update 8/4: Looks like we got a nice confirmation candle and are heading downwards towards our project TP's, yay! Potential (temporary) turning point at 1.0836x. Let's see whats happens.
Update 11/4: I don't really like the 10/4 candle closing above 9/4 AND above our 1.0906x projected line... lets see what price does today.
Update 14/4: Today's candle is not so bad - chances are price sticking around for a few days before going down. As our upper pink line still is respected, no reason to get out of the trade yet.
Update 28/4: The trade still hasn't turned our way yet, however I'm not out this trade yet. Trade is currently respecting a line at 1.10410. Also we have a (somewhat weaker) trendline, pushing down on the trade, the very lightish line on the chart. Unless we have a clear break upwards, this trade still looks valid!
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