Wed 27th Aug: Update at 4.40 pm Bali

I had mentioned earlier today that the Loonie was trying to print a new TC signal off my 4hr charts but that I’d miss seeing this candle close. This candle did in fact trigger a new SHORT signal though. The candle close came right at the cross and lows on the 4hr Cloud and so, whilst not ideal, was enough to make this signal valid. The move has already given over 30 pips. Watch next for a daily candle close below this trend line as well.

Loonie 4hr:

Loonie 4hr Cloud:

Wed 27th Aug

The Loonie is looking a bit weak after another failed attempt at breaking up through the 1.10 resistance level. It is currently in the process of trying to break down through a daily support trend line BUT a daily candle close below this level needs to be printed to confirm any such bearish break.

Loonie daily: a daily support trend line is under pressure:

Loonie: a new 4 hr chart TC signal to ‘short’ is building here BUT I need to see this candle close to confirm the signal. Unfortunately, I will be away from my laptop then.

Loonie weekly chart: the weekly chart shows that the Loonie has plenty of room to fall as the weekly support trend line is still about 270 pips below current price:

Summary: a daily candle close below the daily support trend line would be bearish and suggest possible follow through to the weekly support trend line.