USDCAD bullish bat may lead price to revisit 1.37000 lvl
Hey everyone !
price have finally reached point D of the bullish bat, for those who dont know what it is : bullish bat is an harmonic pattern established by market scientist that defined an area in which price have a high probability to reverse (higher than 70% winning rate if the analysis was done great). it is based on market sentiment, price action and mathematic models
now we observe that we got a positive reaction of the price around this 1.33 level acting as support, in which a rejection was formed : pinbar meaning the last bears that entered were trapped. and it was followed by a 618 pullback, therefore forming a higher low
Adding to this price action analysis, the macd indicator is supposing that we're on an highly oversold level.
Price may revisit the 1.37000 level which is the 618 fib level (target), however dont forget to take some profit when reaching the 1.35 resistance !
tell me your toughts in the comment section. And dont forget to press the like button if you think this idea was helpful !
Best wishes for a great week ahead.
price have finally reached point D of the bullish bat, for those who dont know what it is : bullish bat is an harmonic pattern established by market scientist that defined an area in which price have a high probability to reverse (higher than 70% winning rate if the analysis was done great). it is based on market sentiment, price action and mathematic models
now we observe that we got a positive reaction of the price around this 1.33 level acting as support, in which a rejection was formed : pinbar meaning the last bears that entered were trapped. and it was followed by a 618 pullback, therefore forming a higher low
Adding to this price action analysis, the macd indicator is supposing that we're on an highly oversold level.
Price may revisit the 1.37000 level which is the 618 fib level (target), however dont forget to take some profit when reaching the 1.35 resistance !
tell me your toughts in the comment section. And dont forget to press the like button if you think this idea was helpful !
Best wishes for a great week ahead.
TP1 hit