Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Bears and bulls will fight for AUD/USD
Recommendation:
BUY 0.7215
SL 0.7160
TP1 0.7315 TP2 0.7415 TP3 0.748
On the daily chart, bulls tried to play back the fact that AUD/USD reached 200% target of AB=CD. Their attempt to develop a correction after a pullback form the convergence area led to failure at the resistance of 0.7215. Bears seized the initiative. To continue the decline, the need to pull the Aussie below supports at 0.7105 and 0.6975.
On H1, only another test of resistance at 0.7215 will allow bull to return the initiative and resume the rally towards the target of “Wolfe waves” pattern.
Ivan Karamazov
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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.
Trade setups for AUD/JPY
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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