Hey traders, here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ USDCAD - Weekly time frame 🇺🇸🇨🇦
For the entire month, the pair is very bullish. Ahead is a major falling weekly trend line. I will expect a pullback from that.
Let the price reach that trend line, then look for a confirmation to short.
2️⃣ NZDUSD - Weekly time frame 🇳🇿🇺🇸
Similar to USDCAD, NZDUSD is very close to a major rising trend line. Taking into consideration that the pair looks quite oversold, I will expect a pullback from that.
3️⃣ USDCHF - Monthly time frame 🇺🇸🇨🇭
The market is trading in a global bearish trend. Recently the price reached a major monthly trend line linking the last lower highs. It is a very important decision moment for the pair: in case of its bullish breakout, a strong bullish wave will be expected.
In case of a formation of a reversal pattern on lower time frames, a bearish rally will most likely initiate.
4️⃣ GBPCAD - Monthly time frame 🇬🇧 🇨🇦
The pair looks very bearish to me. After a confirmed bearish breakout of a major rising trend line, we see its retest. I believe that soon bears will start pushing the market.
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