Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/USD is catching a butterfly
Recommendation:
BUY 0.7365
SL 0.7310
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.
Ivan Karamazov
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