USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
NZD/USD: the kiwi will rise
Recommendation: BUY 0.6865 SL 0.6810 SL 0.6965 TP2 0.699 TP3 0.7055
On a daily chart of NZD/USD, the pair reached convergence zone between 0.6870-0.69 (the 161.8% and 113% targets on the “Crab” and “Shark” patterns). After that, an expected reversal happened. The buyers need to push the price above the resistance at 0.6855 to continue strengthening.
On H1, the “Three Indians” and 1-2-3 patterns are implemented. If the pair makes a reversal towards 38.2% and 50% from the CD wave of the “Crab” pattern with the following bounce from the supports, the long positions can be opened.
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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