Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
GBP/USD has a chance
Trade ideas
BUY 1.2410; TP 1.2500; SL 1.2385
SELL 1.2275; TP 1.2110; SL 1.2300
The fate of the British pound is very uncertain because of the Brexit question. So far, Prime Minister Boris Johnson remains determined to take the UK out of the European Union no matter what, although there are reports that he may soften his stance. The technical setup for GBP/USD allows expecting a rebound. Last week the pair tested the long-term lows in the 1.1960 area but then recovered forming a candlestick with a long lower wick on the W1. A similar situation happened at the end of 2018 and was followed by a significant recovery. To get to higher levels this time, GBP/USD will have to rise above 1.2400. The first target will be at 1.25 (near the declining 100-day MA). A bigger relief will open the way up to 1.2700.
As for the downside, GBP/USD has recently found support at 1.2285 (50-day MA, late August highs). In the alternative scenario, the decline below this level will bring the pair down to 1.21.
Elizabeth Belugina
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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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