Now What?

Here the daily chart has made it to the wedge top once again. Watch the macd to rise above the '0' line and remain for a longer term move. Stoch ready to cycle up. These are supportive currently for price to breakout of the wedge to the upside. Let's see. Inside the white box is whats on the 15 min view.

Here on the 15 min notice the relation to the daily chart. Each green number is a green daily candle, although barely on day 2 with the 100% pullback, as support held around the 1.2920 zone mentioned earlier. Let's see if it closes green today? With price up against the wedge top line and some divergence from price seen on the macd today might not be the breakout day. As long as price stays above the 233(Daily 5) there's a good chance for a breakout tho, some fundi's would help. Notice how this was basically a weeks worth of trading. Again, I hope someone made pips trading this and is even priced in low on a breakout trade should it happen.

Update; News released on oil inventories this morning is not favorable for a breakout to the upside today. Let price fall into support for the next opportunity. Watch the 15 min 233(Daily 5) for a bounce as well. The 50-6.18 fib zone of the rally over the past week looks to be a likely target area for support as the 4 hr stoch wants to cycle down for a couple of days.

4 thoughts on “U/C Update 2”

  1. Dalmas Ngetich - FOREX.TODAY says:

    I think we go long on this pair, the consesus from most economic calendar supports a lower demand for Canadaian oil latter today from EIA release of Crude Oil inventories. This imo should spark a Canadian sell off

  2. Maryna says:

    Look at your Daily chart as there is a nice wedge. Resistance on Daily at about 1,31400, A breakout above will be bullish.

  3. James Mauro says:

    Thanks for the replies. Yes the fundi’s are the help I mentioned we need for a breakout to the upside. I just haven’t moved my lines for purpose of discussion but that is the same wedge I’ve been posting on and traded last week to get priced in low off the bottom of the wedge. Let’s see how this plays out.

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