In my opinion, USOIL will top out at very soon (in between $48 to $50 a barrel) then turn bearish for rest of month, this means that USDCAD will be bullish, after it has completed its 1 to 2 wave of (Elliot Impulse Wave (12345)- downward this 1st part of this coming start of trading. Note: Bearish Engulfing chart pattern on chart with last 4 hour red candlestick being longer then previous green candlestick. This means that current market pair pressure is with the BEARS now.
Oil has been making highs for the last three weeks, with current price of over $48. Fairly, soon USOIL will this coming week turn bearish, continue to watch shorter time frames of 1 hour or less on exact time of this event. Always, look for major support and resistance areas and breaks of long term TRENDS to confirm a long term direction trend change.
I will be bearish for USDCAD starting next week, until a bottom chart pattern appears on 1 hour of less time frames. Looking for put trades until that that time of a major direction change. Note: On chart my opinion of where both the USDCAD & USOIL will end up by end of this month. The area of 1.30500 appears to be a great SUPPORT for USOIL and a great RESISTANCE area for USDCAD, before they decide to either continue in same direction or reverse.
As always, I wish all traders profits. Trading is not easy, but in life anything worth doing is not easy. Price action #1.
Oil has been making highs for the last three weeks, with current price of over $48. Fairly, soon USOIL will this coming week turn bearish, continue to watch shorter time frames of 1 hour or less on exact time of this event. Always, look for major support and resistance areas and breaks of long term TRENDS to confirm a long term direction trend change.
I will be bearish for USDCAD starting next week, until a bottom chart pattern appears on 1 hour of less time frames. Looking for put trades until that that time of a major direction change. Note: On chart my opinion of where both the USDCAD & USOIL will end up by end of this month. The area of 1.30500 appears to be a great SUPPORT for USOIL and a great RESISTANCE area for USDCAD, before they decide to either continue in same direction or reverse.
As always, I wish all traders profits. Trading is not easy, but in life anything worth doing is not easy. Price action #1.