USDCAD bounce or break scenariowaiting to see if we get a break and retest to go short, or a bounce to go long.
Breakorbounce
EURAUD bounce or breakEURAUD is approaching a weekly trendline where it will either bounce or break through. Personally, looking at price action, I believe price will break through and fall to around 1.5800 before retracing back up to retest the trendline as resistance at around 1.6000. However if price bounces we could see it coming back up to the liquidation zone at around 1.6300.
My confluences telling me price will break the trendline are:
Head and shoulders formed and neckline retested.
Daily 20ema and 50ema have crossed over showing potential of further bearish pressure.
Lots of bearish momentum as price approaches trendline.
However before looking for shorts price still has to break the trendline and also the weekly 50ema.
I will be keeping eyes on this pair.
