2/13/2023 0 Comments Bounce bully for outlook![]() ![]() The key is for the H&S pattern to break for sellers to truly gain the upper hand. ![]() On the flip-side, should we see price stay above the neckline and recent lows down to 12606, then the outlook will remain neutral with only a very short-term negative bias. ![]() But before getting to that point the June trend-line and gradually rising 200-day moving average (currently at 12496) would be considered a solid form of support to watch. Given the height of the pattern the projected move could take USD/CAD back to the October low under 12300. A turn lower and break of the neckline and 12606 is seen as validating the bearish head-and-shoulders pattern. The October trend-line was broken and seen as having already, or perhaps with one more push higher, capping strength. The pattern has yet to fully mature with a right shoulder, but could do-so soon. The mid-December test further validated its meaning.īut it doesn’t look like it will be tested again any time in the very near future as a bearish formation develops by way of a head-and-shoulders pattern. The last time I wrote about USD/ CAD it was up against a major level, 12950 – it extends over from 2019 and had been validated as a meaningful level on numerous occasions. USD/CAD Technical Outlook: Bounce to Give-way to More Selling ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |