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CURRENCY ANALYSIS

POSSIBLE TRADES

TECHNICAL COMMENTARY

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MAIN HIGHLIGHTS & TODAYS PAIRS

USD CAD - INNER UPTREND LINE HIT, ATTEMPTING TO RALLY CAD JPY - PULLBACK BELOW INNER UPTREND LINE EURO CAD - PENNANT SETUP MAY LEAD TO BULLISH BREAKOUT AUD USD - SETTING UP FOR FALSE BREAKOUT W/DOUBLE TOPS

CURRENCY ANALYSIS

Has hit 2nd Inner Uptrend Line after breaking the 1st one;

Broke above Pennant, but not by much to be considered;

Resuming movement inside Range after a short-lived breakout;

Broke below Inner Uptrend Line after hitting Resistance;

Attempting to break below the Outer Uptrend Line;

Pennant Setup at Uptrend Line above Inner Downtrend Line;

Just above Outer Uptrend Line after breaking 2nd Pennant;

Possible Double Tops that lead to False Breakout/Reversal;

PAIR SETUPS & SIGNALS NEEDEDAUD USD Daily False Breakout Bearish Signal

DAILY CHART - FALSE BREAKOUT?

TECHNICAL COMMENTARY

USD CAD

This pair has given us a Bullish Signal in an apparent attempt to start a breakout long

from the small Pennant. The size of the candle can also be considered to be a Normal

Candle which usually leads to profitable breakouts. Nevertheless, the distance by

which it has broken the Resistance is not enough to justify entry.

If we see another Normal Candle above this one, it could lead to a rally in favour of

the USD as it breaks above the Downtrend Line. This may also be the start of a

reversal that resumes the overall Uptrend following the bearish break of the Range

Setup.

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