broke counter trendline and it looks like inverted H7S break in 1H time frame but shoulders look very shallow but it has broken the counter trendline H&S can be combined as the launching pattern for this. DXY looks to have support around 92.81 area.
Higher TF - Weekly - Price about to break 200 ema.
Next level TF - Daily - Price below 200 ema. All major EMAs sloping downwards. Value zone pullback towards an area between 20ema and 50ema complete post which a good bear domination validates a short set up for an inital target of 1.2420-1.2425 which is the next support setup.
Next level TF - 4H - Price below 200...
USDCAD was on bullish trend from last week, but we can see a consolidation from last 2 days
the question is " is this the end of shot bullish trend"
so here is what i think
from last few days it has been resting on weekly pivot and testing its support and below that is the fibo 50 Percent support in any chance if it breaks the pivot i might end up hitting fibo...
It has been observed that bearish flag pattern has emerged on the USDCAD hourly chart with a good short at current prices.
Trade according to the levels given above, keep trailing stops and booking part profits.
It has been observed that USDCAD is trading near a strong support zone which coincides with 78.6% retracement of the impulse upmove.
A long can be initiated at 1.3038-1.3040
Stop: 1.3018
Target: 1.30713
Stops can be trailed post target for a possible breakout move from the down channel.
It can be observed that USDCAD is at falling trendline resistance.
Short at Current Market price or at around 1.3141
Target : 1.3100 beyond which stops can be trailed to continue with the trend
Stop : 1.3166
It has been observed that the USDCAD price is at a short-term falling trendline resistance along with the RSI which is at resistance as well.
The pair can be expected to fall from here.
Trading@1.3156
Early in the 3rd Wave with immediate support@1. 3048. Once UCAD starts moving above 1.3184- it will give firm footing, but careful- it will retrace in 3 waves post creating a high above 1.3184 -One thing to be taken care -correction which happens should not take out the low@1.3048 -which is critical going forward.
Previous Update
Trading@1.3217
Prices falling from 1.3280 looks very much corrective so in that case -there could be alternate count also- which will suggest that iii-wave could itself be subdivided this count is valid only with support @1.3164 intact.
Any move above 1.3280 - will likely push prices up & suggesting that there is demand for dollars.
The Way it started falling suggest that we have completed bigger 1st wave from 1.3000 lows so prior which comes at 50% retracement zone 1.3135-1.3145 should be looked upon as halting zone.
The fall has to be corrective sequence -meaning down -up, down a kind move to reach 1.3135-1.3145 zone.
Bang On Target- we picked this pair right at the bottom 1.2763. It has travelled quite a distance & I am immediately looking for 1.3029 least distance to travel or 1.3156 where the 3rd wave will equal 161.8% of the 1st wave.
