Bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with the rising lines; the market was supported by Kijun-sen, but now is overbought and it’s under strong resistance.
USD/CAD: loonie went to Sweet Zone
- SELL 1.3650
- SL 1.3705
- TP1 1.3525, TP2 1.3370
On the daily chart, USD/CAD reached 127.2% target of the inverted "butterfly" pattern. At the present time, the quotes are in the Sweet Zone of the "Wolfe Waves" pattern. A movement to the downside is possible from this area.
On H1 USD/CAD keeps forming reversal 1-2-3 pattern. Together with the "3 Indians" pattern, it forms the powerful bearish combo. The lower border of the uptrend may be simultaneously breached. This is a selling signal, which points at 161.8% target of the "Crab" pattern.
Expanding bearish Ichimoku Cloud with rising Senkou Span A; a cancelled dead cross of Tenkan-sen and Kijun-sen with the rising lines; the market are returned into the positive area.
Recommendation: SELL 105…
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.