FxWirePro: USD/CAD forms Bearish Bat pattern, good to sell on rallies
Harmonic Pattern formed – Bearish Bat pattern Potential Reversal Zone (PRZ)- 1.3215 The pair has formed Bearish Bat pattern with Potential reversal Zone (PRZ) around 1.3215. It is currently trading around 1.31777. On the…
The pair has formed Bearish Bat pattern with Potential reversal Zone (PRZ) around 1.3215. It is currently trading around 1.31777.
On the higher side, any violation above 1.3215 will take the pair till 1.32850/1.33875 (Jan 20th 2017 high).
The next immediate support stands around 1.31600 (23.6% retracement of 1.30509 and 1.31953) and any violation below targets 1.3106 (61.8% retracement of 1.3509 and 1.31953)/1.3051.
It is good to sell on rallies around 1.3178-1.31800 with SL around 1.3215 for the TP of 1.3106/1.3055
