USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/USD is catching a butterfly
TP1 0.7435 TP2 0.7465 TP3 0.7565
On the daily chart, AUD/USD is fighting for an important level of 0.7320. It corresponds to the lower border of the previous consolidation range at 0.7320-0.7470. If bulls manage to return the pair above its middle, they will trigger “Shakeout-Fakeout” pattern. Bears are still hoping to trigger an AB=CD pattern with a target at 200%.
On H1, AUD/USD is correcting in line with the “Widening wedge”. If it triggers a “Butterfly” pattern with a target at 127.2%, the risks of a break of resistance at 78.6% and 88.6% of the wave 4-5 will increase.
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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