Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
NZD/USD: kiwi is getting south
Recommendation:
SELL 0.6620
SL 0.6675
TP1 0.6520 TP2 0.6430 TP3 0.6330
On the daily chart, NZD/USD keeps forming a “Head and Shoulders” and AB=CD with a target at 161.8%. To continue the decline, bears need to pull the price below support at 0.6520 (78.6% of the long-term rising wave) and settle below it.
On H1, NZD/USD reached targets at 113% of the “Shark”. This increases the risks of a pullback to 23.6%, 38.2% and 50% of wave CD as the pattern is transforming into AB=CD. Corrections are usually used for selling.
Ivan Karamazov
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