Sunday, May 31, 2015

Multi-face Analysis of UsdCad

From mid-march, when the expected bearish reversal took a real turn and move down for more than 600pips, till the recent bullish move; price might have started a real bearish movement.


The long term bullish flat correction which started in 2007 is expected to have ended. The first impulsive wave downside followed by a prospective zigzag corrective wave 2. 


Price is expected to start a new impulsive journey to the downside which is expected to take 1.1920 ( the first wave low) and to 1.1250.


Candlestick analysis on the daily chart also support the bearish resumption. 

A double pin bar formation at a critical resistive zone and a negative (hidden)  divergence could push price downward in what could be a very fast move expecially if 1.2355 gives way in a 'breakout' way.

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