USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/USD fell from the ledge
SELL 0.7325 SL 0.738 TP1 0.7225 TP2 0.7130
SELL 0.7350 SL 0.7405 TP1 0.7250 TP2 0.7225 TP3 0.7130
On the daily chart, bears managed to pull AUD/USD below the lower consolidation range of 0.732-0.7470 (a ledge) within the “Spike and ledge” pattern. As a result, the risks of the pair going to 113% and 200% targets of the “Double top” and AB=CD increased.
On H1, AUD/USD is forming a “Widening wedge”. Pullbacks towards 23.6%, 38.2% and 50% are usually used for selling.
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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