CADJPY: Likely to bounce back
The two candles are very eye-catching. They are showing us a signal, which is that the downward trend could end soon.
The downward trend has been lasting for a while. The pressure from sellers was strong, which allowed the price to go down so much.
So, could the support point here pull the price up?
I would say: yes.
The MACD is about the cross in the near future.
The RSI is just recovered from the oversold point.
Let’s expect the price to go up
The downward trend has been lasting for a while. The pressure from sellers was strong, which allowed the price to go down so much.
So, could the support point here pull the price up?
I would say: yes.
The MACD is about the cross in the near future.
The RSI is just recovered from the oversold point.
Let’s expect the price to go up
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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.