USDCAD 'THE WOLF OF SHORT ST' - POSSIBLE SHORT DECLINE TO 130.25
Good evening from the UK. Guys also thanks for all the views and follows on Instagram. Another article involving the US Dollar. With disruption still ongoing in US government we Have weekly marubozu closure. This indicating heavy bearish momentum closing the week. I have an ascending trend line dating back to its first swing touch on the 17th April with a 3rd touch of the trend line around the corner. Within the upwards channel I have a counter trend channel creating lower lows. This week saw a break of a consolidation range with price breaking 1.32300 on Tuesday. With a break retest of the previous floor now acting as a ceiling we have a bearish engulfing candle which engulfs two days price action.
The break below 1.32300 may have stopped any potential Inverse Head and Shoulders playing out to the upside. Something which I have been watching closely. If momentum continues into early next week, 1.30250 can been seen as weekly expectations. The perfect entry will be wanted after Fridays bears. For myself I would be monitoring the 4H timeframe for any pullbacks to take advantage of a much greater entry.
The break below 1.32300 may have stopped any potential Inverse Head and Shoulders playing out to the upside. Something which I have been watching closely. If momentum continues into early next week, 1.30250 can been seen as weekly expectations. The perfect entry will be wanted after Fridays bears. For myself I would be monitoring the 4H timeframe for any pullbacks to take advantage of a much greater entry.
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