We see that price has run into the 1.76828 level again, going overbought on the RSI in the process. It's showing early signs of breaking the linear support in the trend line which has been forming a bullish wedge pattern. We can look for further confirmation in the crossing of the 20 period EMA. We could see a short opportunity in the coming hours/days.
As simple as trading ideas get! Short at resistance. Price is printing a bearish hammer candle at a very well tested resistance level. High probability zone.
Price has clearly pressed up into the region one would expect to see the second shoulder of a H&S pattern if it where to form. Combine that with the massive volume on the Daily chart on a low range candle tells me that the vote is split. Trigger below the day's low for a potentially very lucrative short!
Pound/Yen has come down into what I believe to be a support area of the current price range its trading within. Pin Bar formed trapping short traders in the process. They are now panicking and going long to cover and get out!
As the price moves into yet another new high for the USDCAD my next point of interest will be at confluence between the Fibonacci retracement from swing high to swing low on the W chart combined with previous S/R level marked in blue.
