USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Trade idea for EUR/NZD
SELL 1.66; TP1 1.6530; TP2 1.64; SL 1.6635
EUR/NZD tends to move in steep trends. Currently, it’s in the phase of decline. The pair closed last week below the 100-week MA (now resistance at 1.6650) and the weekly Ichimoku Cloud. The Awesome Oscillator on W1 also sends a negative signal. The 100-month and 200-week MAs in the 1.6325/00 area may act as a medium-term target.
On D1, the pair formed a small candlestick with a considerable upper wick ahead of the downtrend resistance line. All of this shows that the movement to the downside will likely continue as long as EUR/NZD stays below 1.6630 (weekly pivot point).
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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