The pair is currently in a overall bullish trend. BOC pushed this pair back down to 1.24 today but the pair continues to bounce off 1.24. Since this wedge formation is in an uptrend it is technically a bullish signal. However, the fact that the pair cannot close above the wedge brings in more concern. The current setup is as follows:
The pair remains bullish until it closes below 1.2350. However, if the pair breaks and close above the wedge brings 1.2661 into the picture. A break of 1.2661 confirms this pair is ready to move higher and could threaten 1.30
Since we are nearing the end of this wedge and NFP on tap, get ready for some answers to the questions.
Full Disclosure: I am long this pair and have my stop just below 1.2350.
The pair remains bullish until it closes below 1.2350. However, if the pair breaks and close above the wedge brings 1.2661 into the picture. A break of 1.2661 confirms this pair is ready to move higher and could threaten 1.30
Since we are nearing the end of this wedge and NFP on tap, get ready for some answers to the questions.
Full Disclosure: I am long this pair and have my stop just below 1.2350.