USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/USD may rise to 0.74
TP1 0.7325 TP2 0.7425 TP3 0.7460
On the daily chart, AUD/USD stayed above the support at 0.7105 (78.6% of the long-term rising wave). This points at the weakness of the sellers. A break of 0.7215 and readiness of the bulls to push above the diagonal resistance in the form of the upper border of the downtrend channel increases the odds of a “Shark” pattern with a target at 88.6%.
On H1, AUD/USD keeps forming the “Head and Shoulders” and the “Wolfe waves” patterns. A pullback from supports at 0.7230 and 0.7215 may be used for buying.
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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