The stock after reaching it's new highs made a correction. Now It shows a bearish rejection in a zone with confluence of supports (61.8 Fibo, Trend line, Support traced by the previous test high), If the price increases it's bullish momentum, it may resumes its bullish bias
After USDCAD beat the congestion/resistance zone, it also beat a Daily bear trend line.
Now on 4H timeframe we got a Bullish Bias and we can place a new bull trend line.
The congestion formed before breaking the Bear trend line and resistance could be seen as a retest, but i missed the entry bar. So now i expect a retest on the following zones:
- On the EMA and...
- We have Bearish Bias, The price cleared below the congestion zone and Range with Momentum.
- Waiting for test on the Bear trend line, Congestion Zone or EMA, so we can evaluate Setups.
After showing an Anti-climax pattern and the channel trend line acting as resistance, we would wait for a price correction. Indeed, the price fell with high bearish momentum and breaking the bull trend line. We would expect the following:
1. Price will test the bull trend line, and then assess the momentum and price patterns to determine next objectives.
2. Price...
