USD/CAD 21.03.18

Technical Analysis

Currency Pair: USD/CAD Date: 21/03/2018
Sentiment: Bearish (Short)

Monthly
• Moving Averages crossed to the upside
• Price action showing a bearish structure
Weekly
• Moving averages crossed to the upside indicating bullish momentum
• Price action showing rejection on the 61.80 Fib level
• Price broke above monthly support level of 1.28332 but break below is expected
Daily
• Moving averages remain crossed to the upside
• Price action formed an evening star candlestick formation on the 61.80 fib level
• Bullish counter trend-line expected to be broken
• P.A made a strong bearish engulfing candlestick in the process engulfing 5 previous candlesticks
4 Hour [Execution Time Frame]
• Moving averages about to cross to the downside prior to trend-line break indicating more momentum to follow
• Bullish counter trend-line broken
• P.A showing reversal in structure from making higher highs and higher lows to now entering the sell zone below bullish trend-line
• P.A broke below trend-line and we now await a price action retest before entry but however it’s important to note that the breakout candlestick is a strong bearish candlestick