Good Afternoon Traders,
Following the recent spike in price on the CADJPY, a pull-back may occur before further upward movement. On the 16H, price has closed well above the 240-LMA and it appears new support may have formed around the 78.16-78.52 region. RSI has entered Overbought territory as well. Bearish Divergence is beginning to form on the 16H Price Chart/MACD. If price draws back to support and Bearish Divergence is formed, long-entry consideration would be made.
On the 3H charts, price has been Diverging from the MACD for 3 consecutive highs. A 4th area of Bearish Divergence is currently forming on the Price Chart/MACD. RSI has been in Overbought territory prior to the 3 previous draw-backs. RSI is again in Overbought territory and the previous conditions appear to be repeating themselves for a 4th time. (See attached 3H Chart)
If Bearish Divergence is formed and price draws back to support on the 16H, long-entry consideration would be made.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Following the recent spike in price on the CADJPY, a pull-back may occur before further upward movement. On the 16H, price has closed well above the 240-LMA and it appears new support may have formed around the 78.16-78.52 region. RSI has entered Overbought territory as well. Bearish Divergence is beginning to form on the 16H Price Chart/MACD. If price draws back to support and Bearish Divergence is formed, long-entry consideration would be made.
On the 3H charts, price has been Diverging from the MACD for 3 consecutive highs. A 4th area of Bearish Divergence is currently forming on the Price Chart/MACD. RSI has been in Overbought territory prior to the 3 previous draw-backs. RSI is again in Overbought territory and the previous conditions appear to be repeating themselves for a 4th time. (See attached 3H Chart)
If Bearish Divergence is formed and price draws back to support on the 16H, long-entry consideration would be made.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
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해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.