Monday, October 6, 2014

UsdCad Is Overbought

Nothing interests me in this market more than seeing a pattern I recognise. On 6th July ,I speculated a long term upward move of this pair ( Read Here ) .

The bullish move that started on the aforementioned date is looking set to complete a nice impulsive 5 non-overlapping waves on the H4 time frame and I'm expecting a dip before price continues the long term bullish trend.

Presently, price has hit a strong resistance at 1.1275 with overbought and divergence signals on Macd and Stochastic respectively, it's not bad to think bearish, at least for intra-day moves.

I still maintain a general bullish bias but the bears could take a shot which could be profitable. Targets are 1.1025 ( 38.2 % retracement) and 1.0950 ( 50% retracement)

I will wait for a candlestick bearish reversal formation before embarking on the journey.

Conversely, if price broke 1.1275 in high momentum, then the impulsive move is not yet completed and more price candles will help to verify the next action.

Updates to come. Don't be far

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