STOCKS: reversal chart patterns
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
USD/CAD targeting levels below 1.2800
USD/CAD is looking for a clear direction in the short-term, as the price action comatose around the Fibonacci level of 23.6% at 1.2886. Currently, the pair is challenging the 200 SMA at H1 chart, where it found dynamic resistance, but if that indicator gives up to the bullish bias, then it can extend towards the 50% Fibonacci area of 50% at 1.2968. We’re expecting a pullback there to take place in order to plummet towards the -23.6% Fibo zone at 1.2740.
RSI indicator stays in the negative territory, favoring to the bears.
Felipe Erazo
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STOCKS: reversal chart patterns
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
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