USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/NZD is ready to fall
SELL 1.6735; TP 1.6660; TP2 1.6625; SL 1.6755
EUR/NZD is trading with great volatility forming some interesting patterns. The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month. It turned lower after failing to overcome resistance at 1.6390. On D1, it’s supported by the 50-day MA at 1.6740. The next important support is provided by the 100-week MA at 1.6625.
There are more patterns on H4 (Head and Shoulders and another Wedge). MAs have the bearish bias. EUR/NZD is below 50% Fibo at 1.6763. Next Fibo is at 1.6660. Resistance is at 1.6825. The outlook will stay negative as long as the pair’s trading below this point.
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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