USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Stock market: Nvidia may turn down
SELL 170.70; TP1 165.25; TP2 160.80
The stock of Nvidia retraced about 40% of the 2018 decline but met resistance in the 193 area. This month the price formed a lower high at 185, so the pattern resembles a “Head and Shoulders”. Yesterday the stock closed below the 50-day MA in the 176.20 area. The decline below 172.00 will confirm a downturn. Targets may lie at 165.25 (February highs) and 160.80 (100-day MA).
Notice that fundamentally the stock of chipmaker is vulnerable to the escalation in the US-Sino trade tensions.
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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