Head & Shoulder on USD/CAD (1 Hour)
Updated
Through my analysis I have detected a small Head & Shoulders Pattern on the USD/CAD 1 Hour chart. This could signal a potential trend reversal as there was also a Downtrend Rising Wedge involved, and it has already been broken. I am looking to go SHORT on the asset once the 200 EMA has been crossed, then I know that there is a possible continuation to the downside. The market had also failed to create a higher high, resulting in a decrease in momentum.
Trade closed: target reached
Well Done guys. Like I said the break of the moving average will increase the confirmation of the direction. Well done for those of you that went SHORT.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.