- Pattern Formed- Double top
- Loonie formed double top around 1.31300 and started to decline from that level. It is currently trading at 1.30462.
- On the down side major support is around 1.3000 and any break below targets 1.2969 (90 4H EMA)/1.29280 (200 4H MA)/1.2870.
- The pair’s resistance is around 1.3085 (4 H Kijun-Sen) and any break above will take the loonie to next immediate resistance at 1.3130/1.31880.
- Short term bearish invalidation only above 1.31880.
It is good to sell on rallies around 1.3045-1.3050 with SL around 1.3125 for the TP of 1.2967/1.2925
R1- 1.3085.
R2-1.31350
R3-1.31880
Support
S1- 1.3000
S2-1.2969
S3-1.2925
