USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/NZD: short-term idea
SELL 1.7460; TP 1.7435; SL 1.7475
EUR/NZD is consolidating within a symmetric triangle around 1.7400. The initial attempt of the pair to break above the resistance line connecting September and October highs wasn’t successful and a candlestick with a long upper wick appeared on the H4. Only the advance above 1.7510 can open the way up to 1.7550 (early October highs). On H1, there was an inside bar pattern followed by a bearish candlestick, so we suspect that the pair will turn down to visit at least the middle of the triangle. We picked support at 1.7460 as a trigger for sell orders with a target around 1.7435 (100-MA on the H4).
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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