USDCAD short term sell off on trend line break

USDCAD short term sell off on trend line break

3 December 2014, 03:45
Zheng He
0
198

If you're currently not selling this pair, perhaps you should be based on the trend line break and lower high fractal. 

 

This pair has been consolidating and looks to have broke out of the 5-15 minute upwards sloping trend line. On the current time frame, the latest move up can be treated as a retracement back near historical levels before a continuation move.  The price has stalled quite a bit signalling the inability to push the price higher. This can only be due to a lack of buying volume. As of right now, we are leaning towards a short sell. This is a rather strong set up with a lower high pattern on the look out for a reversal. Keep in mind to put a tight stop above the descending trend line and reverse position accordingly.

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