Shooting Star candlestick USD-CAD
A shooting star candlestick pattern formed for the last week, indicating a possible trend reversal next week. Further confirmation will be given if the open on Sunday night is lower than the close on Friday. The MACD also indicates the pair is overbought, as the height of the histograms are fairly large and the faster MA has moved further away from the slower MA.
Also, at the daily timeframe, there is regular bearish divergence, as the MACD is making lower highs while the price action made higher highs. This signals that bulls are exhausted and indicate a trend reversal. Further confirmation will be given when the MACD at the daily timeframe displays a downward cross.
Taken together, these are both bearish signals and indicates a potential downward move over the course of next week. 1.13000 will act as support going forward, followed by 1.11477 the first traditional support for the previous week.
Also, at the daily timeframe, there is regular bearish divergence, as the MACD is making lower highs while the price action made higher highs. This signals that bulls are exhausted and indicate a trend reversal. Further confirmation will be given when the MACD at the daily timeframe displays a downward cross.
Taken together, these are both bearish signals and indicates a potential downward move over the course of next week. 1.13000 will act as support going forward, followed by 1.11477 the first traditional support for the previous week.
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