USDCAD Top Reversal
Structure: Upward
Moving Average: 15 EMA supporting Price, expect to retest 200 SMA
Trendline: Short Term Uptrend Line Broken
Pattern: Strong Rejection Candles around 1.32, possible forming Head & Shoulder
Trigger: 2 attempts to break 1.32 failed, with large bearish candles yesterday, showed that bull power may have ran out of steam
Support: 1.3125, 1.3100, 1.3030
Resistance: 1.3200
After a huge rebound from 1.30 support, the pair stopped at 1.32, which is a previous Head & Shoulder neckline resistance.
It is likely completed a 5-wave upward move, and starting a ABC correction move.
With the relatively large downside potential, it is a good consideration to short here with small SL. Of course, wait for 1H rejection bearish candle.
Entry Area: 1.3175 - 1.3185
SL: 1.3210
1st Target: 1.3100
2nd Target: 1.3030
Moving Average: 15 EMA supporting Price, expect to retest 200 SMA
Trendline: Short Term Uptrend Line Broken
Pattern: Strong Rejection Candles around 1.32, possible forming Head & Shoulder
Trigger: 2 attempts to break 1.32 failed, with large bearish candles yesterday, showed that bull power may have ran out of steam
Support: 1.3125, 1.3100, 1.3030
Resistance: 1.3200
After a huge rebound from 1.30 support, the pair stopped at 1.32, which is a previous Head & Shoulder neckline resistance.
It is likely completed a 5-wave upward move, and starting a ABC correction move.
With the relatively large downside potential, it is a good consideration to short here with small SL. Of course, wait for 1H rejection bearish candle.
Entry Area: 1.3175 - 1.3185
SL: 1.3210
1st Target: 1.3100
2nd Target: 1.3030
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