Final stretch of downward movement or more to come?
Are we nearing the end of the CAD correction? Ready for a next leg up?
Monthly is far from oversold on both stoch and RSI. We had a bearish divergence which is at work now.
The bearish candles are large and solid so it would take a some serious bull power to stop the bear attack, but who knows, maybe this month we will get a first bullish candle or some indecisiveness and thus a doji (of some sort?).
The 1.2680 - 1.280 region would be a very nice level to stop. Clearly a strong resistance levels in the beginning of 2015 which got tested 4 times before finally breaking the fifth time.
We recently almost, kinda tested it by getting as low as 1.2850. Maybe we will get one more push towards this level to get that touch of that .382 fib region.
Time, specifically this month, will tell.
P.S.: Is that a bullish flag I'm seeing getting formed?
Monthly is far from oversold on both stoch and RSI. We had a bearish divergence which is at work now.
The bearish candles are large and solid so it would take a some serious bull power to stop the bear attack, but who knows, maybe this month we will get a first bullish candle or some indecisiveness and thus a doji (of some sort?).
The 1.2680 - 1.280 region would be a very nice level to stop. Clearly a strong resistance levels in the beginning of 2015 which got tested 4 times before finally breaking the fifth time.
We recently almost, kinda tested it by getting as low as 1.2850. Maybe we will get one more push towards this level to get that touch of that .382 fib region.
Time, specifically this month, will tell.
P.S.: Is that a bullish flag I'm seeing getting formed?