USDCAD short
USDCAD
4 hour - shows a clear continuous uptrend pattern. EMA riding below candlesticks, but candlesticks are more toward the descending resistance. RSI confirming that it is more on the overbought side. ( Good for a short, however, make sure you make your own analysis & wait for confirmations).
30 min - showing signs of a descending pattern. EMA riding above candlesticks, however, candlesticks are reaching near current support. RSI is showing that it is currently more on the oversold side. Side note: previous candlesticks have broken below support & began to consolidate around it indicating potential bull OR bear; need more of a confirmation still.
1 min - continues to show descending pattern. EMA riding above candlesticks while being closer to the support. RSI is more toward the overbought side. (Again, great for a short).
OVERVIEW : Most of all indicators are going more toward a short. Going based off of previous patterns, there is a high possibility it will sell off to the overall support meaning it will break below the current support. Once that happens, I do see high probabilities of the bulls making a comeback for a nice swing trade, but it is still too early to confirm.
Please feel free to share your thoughts with me in the comment section below!
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