Bullish Continuation Pattern
I ( and my school of thoughts) don't believe in patterns for historical precedents but let me share my study on USD/CAD pair:
Tested old highs of 2004/MAY/3, it is likely to incur selling pressure from previous bought levels. This likely to make price consolidate with a tendency toward a downtrend trend for a period up to four weeks, before advancing higher.
I ( and my school of thoughts) don't believe in patterns for historical precedents but let me share my study on USD/CAD pair:
- Uptrend on Monthly TimeFrames.
- Uptrend on Weekly TimeFrames.
- Uptrend on Daily TimeFrames.
- Uptrend confirmed by EMA20 & 50 period on monthly,weekly and daily.
- Trade on Higher Time frame H4(240)
- DXY below 100
Tested old highs of 2004/MAY/3, it is likely to incur selling pressure from previous bought levels. This likely to make price consolidate with a tendency toward a downtrend trend for a period up to four weeks, before advancing higher.
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