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The June Canadian Dollar contract has fired 90-10 High Continuation & Reversal and Momentum Pinball Sell signals for today's trading. The 90-10 High Continuation & Reversal signal is telling us to look for morning follow through on the strong close, but to expect a likely reversal once the initial move has topped. The Momentum Pinball Sell signal suggests that IF the first hour's low happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a short position. Cycle Indicators (chart at right) are moving into a region where short term cyclical tops often form, but both the larger and more immediate trends are to higher prices. Odds favor continued upside in today's early trading. Look for an opportunity to buy the break of yesterday's .9883 high, or even earlier if price can demonstrate strength above .9862 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of .9913 or the Extended High Range Projection level of .9938 would be likely areas for such a reversal to take place, as would be a test and failure of yesterday's high. The Momentum Pinball Sell signal suggests we consider the short side if the first hour's low happens to be broken to the downside. To learn how to trade these setups every day Click Here!
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