In the last updates, we forecast a corrective rally for Cadjpy to 78.5 after a bearish impulse move. We even gave a trade recommendation to buy to 78.5 prior to the Oil producers' meeting in Algiers.
Price rallied to 78.5 and we think a bearish move may re-surface.
The chart above shows that the correction is a zigzag pattern which may complete just beneath the falling trendline.
If price is well resisted below 78.9 and falls below the rising trendline78.5, we may have a strong reason to short cadJpy for the continued bearish move.
If price pierce the falling trendline powerfully, we may see more upside move.
Follow our Telegram channel to get fast updates.
Price rallied to 78.5 and we think a bearish move may re-surface.
The chart above shows that the correction is a zigzag pattern which may complete just beneath the falling trendline.
If price is well resisted below 78.9 and falls below the rising trendline78.5, we may have a strong reason to short cadJpy for the continued bearish move.
If price pierce the falling trendline powerfully, we may see more upside move.
Follow our Telegram channel to get fast updates.
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