USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/JPY: a chance for more
BUY 73.80; TP1 74.50; TP2 75.00; SL 73.45
BUY 74.55; TP 75.00; TP2 76.00; SL 74.35
There are many positive developments in AUD/JPY - a higher low formed last week, the close above the 100-day MA on Thursday (73.75) and the formation of the bullish “Rising three methods” pattern on the D1. On the H1, the pair is consolidating within a symmetric triangle. On H4, there’s bearish divergence. As a result, a short-term correction down is likely before the pair continues the advance. All in all, as long as it stays above 73.75, it will have a chance to rise to 74.50 (September highs) and 75.00 with the ultimate resistance at 76.00 (200-day MA).
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.
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