CADCHF Stalling as It Runs Into 50 SMA and 200 EMA
CADCHF exhibits a scenario with a few signs I really like:
1. First are the moving averages. The 50 SMA and 200 EMA are very close to each other, and price is just a shade below both. Moreover, price clearly is responding to this level as a resistance level.
2. At the same time, or rather related to the fact that price is below the moving averages, is that I think we are in the early phases of a downtrend.
3. Price has also pulled back a bit from its recent lows, and thus may be providing swing traders an opportunity to short.
Based on these factors, I'm going short at 8318, with my stop at 8358 and my target profit at 8178.
www.informedtrades.com
1. First are the moving averages. The 50 SMA and 200 EMA are very close to each other, and price is just a shade below both. Moreover, price clearly is responding to this level as a resistance level.
2. At the same time, or rather related to the fact that price is below the moving averages, is that I think we are in the early phases of a downtrend.
3. Price has also pulled back a bit from its recent lows, and thus may be providing swing traders an opportunity to short.
Based on these factors, I'm going short at 8318, with my stop at 8358 and my target profit at 8178.
www.informedtrades.com