CADCHF looks to potentially be in a corrective triangle formation of which it could be progressing through one of it's last waves. we are close to the longer term resistance trend for us to take advantage of and use as a buffer; which we will place our stops the other side of.
If price respects the trend in yellow expect a push down to follow shortly after rather than more consolidation and a push up. The price channel we are in currently looks to be holding fairly strong so we can play it with a fair amount of confidence.
The Stoch is showing price to be in overbought areas, however as I have mentioned - I will expect some consolidation such as a small flag to form before another push up before coming back down.
Market sentiment is bearish over the longer time frames however bulls are in the market with Bullish divergence being evident so watch carefully for indications of price reversing at some point in the future - having scope for breaking the upper trend.
Yellow trend - 4Hr consolidation trend.
Cyan Trends - weekly/daily corrective triangle formation. (possible 5 wave horizontal triangle correction)
If price respects the trend in yellow expect a push down to follow shortly after rather than more consolidation and a push up. The price channel we are in currently looks to be holding fairly strong so we can play it with a fair amount of confidence.
The Stoch is showing price to be in overbought areas, however as I have mentioned - I will expect some consolidation such as a small flag to form before another push up before coming back down.
Market sentiment is bearish over the longer time frames however bulls are in the market with Bullish divergence being evident so watch carefully for indications of price reversing at some point in the future - having scope for breaking the upper trend.
Yellow trend - 4Hr consolidation trend.
Cyan Trends - weekly/daily corrective triangle formation. (possible 5 wave horizontal triangle correction)