MarketBreakdown | USDJPY, USDCAD, Dollar Index, WTI Crude Oil
Updated
Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ USDJPY - 4H time frame 🇺🇸🇯🇵
The pair is approaching a key weekly structure resistance.
Being quite overbought the price broke and closed below a support line of a rising parallel channel on 4H.
I believe that soon we will see a correctional move.
2️⃣ USDCAD - 4H time frame 🇺🇸🇨🇦
As you know, for a quite long period of time we are looking for a confirmation to sell USDCAD.
The pair was coiling for some time retesting a broken major weekly trend line.
Yesterday the market started to fall.
Bears broke a rising wedge pattern on 4H.
I believe that USDCAD will go even lower.
3️⃣ Dollar Index (DXY) - Weekly time frame 💵
The market is retracing from a key weekly structure resistance.
Locally I am bearish and expect a further decline.
4️⃣ WTI Crude Oil - 4H time frame 🛢️
Crude oil is very bullish this week.
Reaching a strong daily structure support the price bounced and broke a resistance line of a falling wedge pattern.
Further bullish continuation is expected now.
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Note
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