The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
NZD/CAD broke support level 0.8850
- NZD/CAD broke support level 0.8850
- Next sell target - 0.8780
NZD/CAD continues to fall after the recent breakout of the key support level 0.8850 (which stopped the price twice in July, as can be seen below). The breakout of the support level 0.8850 should accelerate the active short-term impulse wave (c)- which belongs to the ABC correction 2 from the end of June. NZD/CAD is expected to fall further toward the next ell target at the next strong support level 0.8780 (low of the previous wave (2) from May).
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?