USD/CAD: bears are preparing for the attack

USD/CAD: bears are preparing for the attack

On the USD/CAD daily chart, the realization of the Wolfe Waves pattern continues. The next move would be the return of quotes within the borders of the downward trading channel. For this to happen, the Bears need to break the support at 1.3435.

On the USD/CAD hourly chart, the breakout of the diagonal support in the form of the lower border of the upward trading channel will be a signal for the Bears' attack. There is a chance for quotes reaching the convergence zone at 1.344 - 1.3455.  Within these levels, there is a target 88.6% of the Shark pattern. If support at 1.344 is broken, there will be a slide towards lower levels. 


USD/JPY: the Bulls don’t want to give up

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel of Tenkan-Kijun; the market is breaking out the resistance of Tenkan-sen and Kijun-sen.

AUD/USD: market is oversold

Bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market is oversold and aussie may go to Tenkan-sen in correctional movement.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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