USD/CAD H + S pattern + Psychological level resistance. SHORT
TECHNICAL:
1:
- Head and shoulders reversal pattern forming
- First shoulder formed on 21/06/2018
- "Head of pattern" formed after pin bar rejection candlestick last Friday
- Second shoulder of pattern forming as a retracement of the rejection candlestick on Friday
2:
- RSI showing extreme bearish divergence
- Since 14/06/2018 - 25/06/2018 price has been in a distinct uptrend forming higher highs and higher lows
- However RSI has been printed these as lower lows and lower highs
- Bearish indication
3:
- The Psychological level 1.33000 is acting as resistance within the Head and shoulder pattern
-Price has failed to break this level multiple times now, as well as the massive pin-bar rejection candle seen on Friday, confirms my bearish view
-Appreciate any thoughts, comments. Thanks for reading.
James .
1:
- Head and shoulders reversal pattern forming
- First shoulder formed on 21/06/2018
- "Head of pattern" formed after pin bar rejection candlestick last Friday
- Second shoulder of pattern forming as a retracement of the rejection candlestick on Friday
2:
- RSI showing extreme bearish divergence
- Since 14/06/2018 - 25/06/2018 price has been in a distinct uptrend forming higher highs and higher lows
- However RSI has been printed these as lower lows and lower highs
- Bearish indication
3:
- The Psychological level 1.33000 is acting as resistance within the Head and shoulder pattern
-Price has failed to break this level multiple times now, as well as the massive pin-bar rejection candle seen on Friday, confirms my bearish view
-Appreciate any thoughts, comments. Thanks for reading.
James .
Note
- Price has held below 1.33 for the daily close. - As well as this price gapped down on the hourly chart, 4 pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.