USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/CAD is ready for action
SELL at 0.9580; TP 0.9520; SL 0.9600
BUY at 0.9620; TP 0.9660; SL 0.9605
With Canadian economic releases later today at 15:30 MT time, the Canadian dollar is getting ready for the increase in volatility.
There’s an interesting technical setup in AUD/CAD. The picture on D1 looks like a “Head and Shoulders”, although the pattern isn’t confirmed yet. The pair is below 200-day MA (0.9615) and has a scope for a decline to the 38.2% Fibonacci level. Only the advance above the moving average will give the Aussie a chance to test the previous highs.
On H4, the pair’s under the weight of MAs and the oscillator giver negative signs.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
The US-China relations are getting more tensed over Hong-Kong. How does that affect the USD?
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