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Chart pattern formed- Rising wedge pattern (on weekly plotting) and Rising channel (on daily plotting).
Contemplating and synthesizing these chart patterns, coupled with the fact that the major trend has been downtrend that has gone into the consolidation phase, we foresee less likely to spike any further. Instead, more downside potential is foreseen.
Please be noted that the shooting star and the back to back doji patterns have occurred exactly at 7 & 21DMA levels and they have shown their bearish effects so far (refer oval shaped area on daily plotting).
Well, for now, the major supports are observed at channel baseline, and bears have managed to break these levels already, the sustenance below would likely to evidence the slumps upto 88.203 where the next strong supports are observed.
On the flip side, the stiff resistance is at 88.907 and 89.2297.
On a broader perspective, the prices are now attempting breach below 21EMA levels (i.e. 88.2819 levels) and head towards wedge baseline, thereby, one could expect more slumps as both the leading oscillators have been constantly converging downwards to signal weakness (refer monthly chart).
21EMA levels are crucial and closely watched, as the pair has previously shown a fake jump sensing supports at this juncture and once again declined sharply in this month.
Trade tips:
It is wise to initiate shorts via one touch binary put options for the TP of 88.203, we advocate short via the leveraged products that are likely to add magnified impact on the trade yields.
Alternatively, the aggressive volatility traders are advised to buy 2M strips on hedging grounds.
Currency Strength Index: FxWirePro's hourly CAD spot index is displaying shy above -116 levels (extremely bearish), while hourly JPY spot index was inching higher towards 49 (mildly bullish) while articulating (at 11:30 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
Hence, bears of this pair are most likely to extend slumps upon our above stated technical rationale.
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