USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/JPY: the euro can weaken
Recommendation: SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 123.1, BUY 130.1 SL 129.55 TP1 131.1 TP2 132.15 TP3 132.55
On a daily chart of EUR/JPY, the consolidation as a part of the implementation of the “Broadening wedge” pattern continues. If bulls break the resistances at 128.96 and 129.95, they can count on reaching the 88.6% target of the “Bat” pattern. On the other hand, the successful test of the supports at 128 and 126.55 will increase the bearish pressure.
On H1, the implementation of the “Spike and Ledge” pattern continues. If the pair manages to leave the 127.55-130.1 range, the risks of the implementation of the “Bat” or AB=CD patterns 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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