USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
NZD/USD: tipping out
Since the beginning of May, the NZD/USD has been moving within a larger channel within the support A-A' at 0.5924 and the resistance B-B' at 0.6150. Recently it appears to have completed the upswing A'-B' and is tipping out, bouncing down from the resistance of 0.6150. The question is whether it will make a local drop to test the support of the Moving Averages, all gathered below 0.6060, or it will go lower to visit the tactical and psychological support at 0.6000. If the latter takes place, very likely it will not stop until it comes down to complete the full cycle at 0.5924.
Support: 0.6060; 0.6000; 0.5924
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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