Yesterday we pointed out that the US Dollar was struggling to remain higher. Eventually it did not manage to do so. USDCAD appears to be a good selling opportunity. Read about the Trend/Wave/Extreme system here
Today the USD suffered losses against every major currency besides the JPY and was slightly affected against the CHF. However it may be a bit to late now to sell it against currencies such as GBP, NZD,AUD as the USD appears oversold already. USDCAD may appear a good selling opportunity.
USDCAD (H4) Sell
The picture above shows the setup that was shown in yesterday’s (06/11/2013) analysis regarding potentially selling the USDCAD.
This is how the chart looks now.
The Trend/Wave/Extreme mini version indicator shows
– Trend bar is slightly Red filled to the downside
– Wave bar is fully Red filled indicating momentum to the downside
– Slightly oversold
We can see a potential head and shoulders formation after the 1.0460 key resistance held.
A break of 1.0400 should see the pair collapse.
Read about the Trend/Wave/Extreme system here