I agree, this has been pushed up quickly and steeply, so its time to take profits on longs.
But this pattern could also be a slightly ragged bull flag.
A correlation-type theory I’m watching right now notes that USD’s junior partner currency, CAD, is so strong. This suggests that the big players have bought CAD up strongly and they wouldn’t be doing that if they believed USD is going to fall any time soon. Its just a theory.
I still have this pair as a buy and might well set a new buy order later above recent prices.
Nice charts! Thanks for sharing. I agree. It’s worth shorting for now. But I think it’s gonna pullback slowly for a week maybe, then continue bullish. We’ll see!!
Learning to read daily charts is an important part of your trading career. Your important decisions are based on the daily charts and if you don’t know how to read them, you can have a hard time trading. All of your trading career depends on the decisions you make. So, make them after proper market analysis.