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CADJPY Price Apex|Daily Support|Low Volume|Local ResistanceEvening Traders, Today’s Analysis – CADJPY- trading in its Apex (Moving Averages converging) at daily support. Respecting the 200 MA will push price to a retest of local resistance. Points to consider, - Price equilibrium - 200 MA confluence - 21 MA Resistance (Apex) - Oscillators neutral - Volume below average CADJPY is trading in a valid equilibrium; a break is imminent at any moment as price is in its apex. The 200 MA is in confluence with daily support, this ways more significance then the 21 MA resistances only, thus the probability breaking north is slightly higher. The RSI and Stochastics are flat given price is holding support in an equilibrium. Breaking out of the apex will directly coincide with the strength and momentum projected by the oscillators. Volume is key as it is currently below average; this is to be expected when price trades in equilibrium, a sign that an impulse move is imminent Overall, in my opinion, CADJPY has strong support confluence giving it a greater probability of breaking north. Respecting the 200 MA will push price into local resistance for a retest. Price must break out of its apex with increasing volume to avoid fake outs. What are your thoughts? Please leave a like and comment, And remember, “Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Long
by The_Alchemist_Trader_