The rejection point of the price by the monthly WL-1 coincides with weekly WL-1. The strong downward momentum pushed Stoch down to the oversold zone. This is on the side of the bears, indicating that it is highly likely to see continued downward action maybe after some consolidation.
Although this picture is a clear proponent for the shorts in lower time-frames, one should also expect the unexpected and be ready for an alternative scenario, where the bulls take over and push the prices above the monthly WL-1. Then it is expected to revisit the weekly WL-1.
With this analysis, my weekly technical analysis series has come to end due to the fact that there is not much to add to my monthly views for the pairs CADCHF, AUDNZD and NZDCAD. I hope daily views for those major pairs will inform us enough to finally take a side.
Although this picture is a clear proponent for the shorts in lower time-frames, one should also expect the unexpected and be ready for an alternative scenario, where the bulls take over and push the prices above the monthly WL-1. Then it is expected to revisit the weekly WL-1.
With this analysis, my weekly technical analysis series has come to end due to the fact that there is not much to add to my monthly views for the pairs CADCHF, AUDNZD and NZDCAD. I hope daily views for those major pairs will inform us enough to finally take a side.
