USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
NZD/USD: a good chance for the NZD
TP1 0.6705 TP2 0.681 TP3 0.687
On the daily chart of NZD/USD, bulls have been trying to pull the pair out of the downward channel to implement the “Shark” pattern. Its 88.6% target is at 0.682. To continue the rally, the pair needs to break above 0.652 (78.6% from the long-term upward wave).
On H1, a combination of “Three Indians” and 1-2-3 patterns increases risks of a downtrend’s reversal and an implementation of “Shark” and “Crab” patterns with 88.6% and 161.8% patterns.
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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