USD/CAD short emerging from Rev Inv C&H with target 1.2900
There are many different variations of patterns showing.
And they are all leading to downside.
We have small Rounding Tops, small Inverse Cup and Handles.
We have a break in the most recent uptrend line..
But I am focusing more on the bigger picture.
There is a solid Reverse Inv Cup and Handle forming since 10 August 2023.
The price has almost completed the final Inverse Cup and is approaching the brim level.
We have other indicators confirming with 21>7 - Bearish in the short term.
We also have the price coming down to test and mighty 200MA.
Break below, and it'll give us more confirmation of downside to come.
RSI is falling below 50 like a knife, showing downside momentum.
All in all, my first target will be at 1.2900
PS: This also goes in line with the overall DOllar weakness that has helped boost the stock markets world wide and the indication of a slow down in interest rate hikes.
Great for stocks not great for the US dollar.
And they are all leading to downside.
We have small Rounding Tops, small Inverse Cup and Handles.
We have a break in the most recent uptrend line..
But I am focusing more on the bigger picture.
There is a solid Reverse Inv Cup and Handle forming since 10 August 2023.
The price has almost completed the final Inverse Cup and is approaching the brim level.
We have other indicators confirming with 21>7 - Bearish in the short term.
We also have the price coming down to test and mighty 200MA.
Break below, and it'll give us more confirmation of downside to come.
RSI is falling below 50 like a knife, showing downside momentum.
All in all, my first target will be at 1.2900
PS: This also goes in line with the overall DOllar weakness that has helped boost the stock markets world wide and the indication of a slow down in interest rate hikes.
Great for stocks not great for the US dollar.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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