CADJPY Short|S/R Flip Retest| Local Resistance| Daily Support
Evening traders,
Today’s Analysis – CADJPY – impulse sell through technical level, rallies are to be sold into as the trend is bearish.
Points to consider,
- Macro trend bearish
- Daily support (immediate target)
- Local resistance (bearish retest)
- Oscillators below 50
- Volume below average
CADJPY’s macro trend is bearish with consecutive lower highs; this gives us a bearish bias on the overall market.
The trends immediate target is daily support, which will be apparent after confirming a bearish retest of local resistance.
Both oscillators are below 50; this signals weakness in the market, further momentum down is likely.
Volume is clearly trading below average; an impulse is most probable at key technical levels i.e. daily support.
Overall in my opinion, a bearish retest will allow for a short trade, risk has to be defined. Price action is to be used upon discretion.
What are your thoughts?
Thank you for following my work!
And remember,
“The four most dangerous words in investing are: This time it's different.” Sir John Templeton
Today’s Analysis – CADJPY – impulse sell through technical level, rallies are to be sold into as the trend is bearish.
Points to consider,
- Macro trend bearish
- Daily support (immediate target)
- Local resistance (bearish retest)
- Oscillators below 50
- Volume below average
CADJPY’s macro trend is bearish with consecutive lower highs; this gives us a bearish bias on the overall market.
The trends immediate target is daily support, which will be apparent after confirming a bearish retest of local resistance.
Both oscillators are below 50; this signals weakness in the market, further momentum down is likely.
Volume is clearly trading below average; an impulse is most probable at key technical levels i.e. daily support.
Overall in my opinion, a bearish retest will allow for a short trade, risk has to be defined. Price action is to be used upon discretion.
What are your thoughts?
Thank you for following my work!
And remember,
“The four most dangerous words in investing are: This time it's different.” Sir John Templeton