MarketBreakdown | USDJPY, USDCAD, Dollar Index, WTI Crude Oil

Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.

1️⃣ USDJPY - 4H time frame 🇺🇸🇯🇵

The pair is approaching a key weekly structure resistance.
Being quite overbought the price broke and closed below a support line of a rising parallel channel on 4H.
I believe that soon we will see a correctional move.

2️⃣ USDCAD - 4H time frame 🇺🇸🇨🇦

As you know, for a quite long period of time we are looking for a confirmation to sell USDCAD.
The pair was coiling for some time retesting a broken major weekly trend line.

Yesterday the market started to fall.
Bears broke a rising wedge pattern on 4H.
I believe that USDCAD will go even lower.

3️⃣ Dollar Index (DXY) - Weekly time frame 💵

The market is retracing from a key weekly structure resistance.
Locally I am bearish and expect a further decline.

4️⃣ WTI Crude Oil - 4H time frame 🛢️

Crude oil is very bullish this week.
Reaching a strong daily structure support the price bounced and broke a resistance line of a falling wedge pattern.
Further bullish continuation is expected now.


❤️Please, support this idea with a like and comment!❤️

تعليق:

Check my new idea on EURCHF: