CADCHF (H4) Update
CADCHF had an interesting Jan.
As shown on the Daily chart, its trading on the HT in a tight consolidation volume box.
Early month (Jan) price action on the H4 chart showed clear buying. We broke above the trendline from mid November, consolidated and broke to the highs.
However, there was no acceptance of price above 0.700 and price quickly returned back to that early month demand.
No new supply came in at the highs, but the failure to find acceptance should be respected nonetheless.
Question now, was this move back down to reload before break up, or does the rejection show that we are heading towards the lower end of HT box.
Jan profile reflecting lack of acceptance above 0.700, with price closing at its POC reflecting a neutral stance for now.
Keep an eye on whether buying volume comes in early this week just as in early Jan, which would b a strong tell that a move back to the highs in store.
But till break is confirmed, price remains in consolidation and must b treated as such wen trading.
Lets watch & see how this plays out.
As shown on the Daily chart, its trading on the HT in a tight consolidation volume box.
Early month (Jan) price action on the H4 chart showed clear buying. We broke above the trendline from mid November, consolidated and broke to the highs.
However, there was no acceptance of price above 0.700 and price quickly returned back to that early month demand.
No new supply came in at the highs, but the failure to find acceptance should be respected nonetheless.
Question now, was this move back down to reload before break up, or does the rejection show that we are heading towards the lower end of HT box.
Jan profile reflecting lack of acceptance above 0.700, with price closing at its POC reflecting a neutral stance for now.
Keep an eye on whether buying volume comes in early this week just as in early Jan, which would b a strong tell that a move back to the highs in store.
But till break is confirmed, price remains in consolidation and must b treated as such wen trading.
Lets watch & see how this plays out.
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