Moving towards bearish Crab's PRZ
$USDCAD is slowly but surely grinding its way up towards the Crab pattern's PRZ.
Despite intraday up and down swings, $USDJPY managed to stay above its Fast SMA line and maintain its trend.
Two bearish scenarios for $USDCAD:
1. Completion of Crab pattern near 1.34-1.35 (see risks and potential rewards in the chart)
2. Breakdown of the Fast SMA line could lead to quick pullback (possibly towards 50 SMA line)
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/8A6fTH
To subscribe to the newsletters - goo.gl/HXjCPV
Despite intraday up and down swings, $USDJPY managed to stay above its Fast SMA line and maintain its trend.
Two bearish scenarios for $USDCAD:
1. Completion of Crab pattern near 1.34-1.35 (see risks and potential rewards in the chart)
2. Breakdown of the Fast SMA line could lead to quick pullback (possibly towards 50 SMA line)
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/8A6fTH
To subscribe to the newsletters - goo.gl/HXjCPV
