USDCAD Kumo Twist Break
This pair have travelling in a relatively shallow upward trending channel.
It is a range that spans 6-8 ATR with price failing to break out of this channel for nearly a year.
The USD had made a high of 1.3080 against the Loonie and price is now retracing.
The Kumo Cloud has switched from bullish to bearish repeatedly , with an inclination mirroring the channel direction.
When price breaks, it does so closest to the zone of least support or resistance.
That is , where the Kumo is the thinnest. If you look back , it repeatedly does so.
Watch for price to follow along the present SSA line and head towards the Kumo Twist.
A successful break here, may test the channel low.
It is a range that spans 6-8 ATR with price failing to break out of this channel for nearly a year.
The USD had made a high of 1.3080 against the Loonie and price is now retracing.
The Kumo Cloud has switched from bullish to bearish repeatedly , with an inclination mirroring the channel direction.
When price breaks, it does so closest to the zone of least support or resistance.
That is , where the Kumo is the thinnest. If you look back , it repeatedly does so.
Watch for price to follow along the present SSA line and head towards the Kumo Twist.
A successful break here, may test the channel low.
Note
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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.