Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/NZD may test the uptrend
Trade ideas
BUY 1.7060; TP1 1.7130; TP2 1.72; SL 1.7040
BUY 1.7140; TP 1.7200; S: 1.7120
SELL 1.7040; TP 1.6990; SL 1.7055
Have a look at the pair EUR/NZD as it might present some interesting trade ideas. The pair’s been in an uptrend since the end of March. Last week, it reached resistance around 1.72 (January high) and then turned down forming a doji with a longer upper wick on W1.
It means that the air will likely test the uptrend support line at 1.7065/50 in the short-term. If the pair manages to rebound from this level, it will get a chance to revisit 1.7200. Conservative buyers may enter above 1.7140. However, the ADX indicator shows that the uptrend is losing strength. Still, as long as the trend is intact there are bigger odds that it will continue. A decline below 1.7050 will open the way down to 1.6990 (50-week MA) and probably 1.6925 (200-day MA).
Elizabeth Belugina
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