USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/USD: buy or sell?
TP1 0.7235 TP2 0.7325 TP3 0.7415
On the daily chart of AUD/USD, the pair is trying to break above the 0.7107 level (78.6% of the long-term upward wave). If bulls are able to push AUD/USD above it, the pair will leave the downward channel and will reach targets of the “Shark” pattern. If bears succeed, the pair will move down to the 0.886 level and lower.
On H1, the pair reached targets of the “Broadening wedge” pattern. A break of the resistance at 0.7135 will increase odds of the “Shark” and “Wolfe waves” patterns’ implementation.
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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