USDCAD - Projection 1.3420
If we consider Ichimoku analysis
1. Kumo - price is below the cloud and we should be looking for Short Opportunities. The cloud is thick , but flat in direction. This reflects the September price correction.
2. Tenkan Sen / Kijun Sen - we can see price has moved above the Tenkan Sen ( 9 period equilibrium) and settled at the Kijun Sen ( 26 period equilibrium) . In the medium term , we can say this pair is fairly priced.
3. Chikou - has been trending up for September. It is in open space.
Structural - we can see price has arrived at significant structure at 1.3600 , which is acting an Resistance.
Pivot Points - we can see the Weekly R2 is holding price at bay.
Pattern - there is an obvious Bearish Flag pattern in play - for price candlesticks, Chikou , and RSI.
Catalyst - the obvious fundamental catalyst for a price channel break is the FOMC and anticipated Rate Cut.
From a Technical and Fundamental basis , the bias is SHORT.
Projection - a confluent point of Pivot R2 weekly, the start of the corrective channel , the underlying Demand Zone , and the extremity of volatility ( check Bollinger Bands yourself) =
1.3420 - 1.3440.
1. Kumo - price is below the cloud and we should be looking for Short Opportunities. The cloud is thick , but flat in direction. This reflects the September price correction.
2. Tenkan Sen / Kijun Sen - we can see price has moved above the Tenkan Sen ( 9 period equilibrium) and settled at the Kijun Sen ( 26 period equilibrium) . In the medium term , we can say this pair is fairly priced.
3. Chikou - has been trending up for September. It is in open space.
Structural - we can see price has arrived at significant structure at 1.3600 , which is acting an Resistance.
Pivot Points - we can see the Weekly R2 is holding price at bay.
Pattern - there is an obvious Bearish Flag pattern in play - for price candlesticks, Chikou , and RSI.
Catalyst - the obvious fundamental catalyst for a price channel break is the FOMC and anticipated Rate Cut.
From a Technical and Fundamental basis , the bias is SHORT.
Projection - a confluent point of Pivot R2 weekly, the start of the corrective channel , the underlying Demand Zone , and the extremity of volatility ( check Bollinger Bands yourself) =
1.3420 - 1.3440.
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