USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/USD: the aussie hunts the Shark
BUY 0.7435 SL 0.738 TP1 0.7535 TP2 0.7635
SELL 0.733 SL 0.7395 TP1 0.7265 TP2 0.723
On the daily chart of AUD/USD, bulls are trying to counterattack and implement the “Shark” pattern with 88,6% target. To do that, they need to break the resistance at 0.745 and pull the pair out of the downward channel. Conversely, if the pair breaks the June low, risks of an AB=CD pattern’s implementation will increase.
On H1, the 0.733-0.7435 consolidation is forming. An exit from the consolidation will determine the further direction of the pair.
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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