USD/CAD: loonie got a free ride on Wolf wave

USD/CAD: loonie got a free ride on Wolf wave


hold shorts (SELL 1,365 SL 1,3705 TP1 1,3525 TP2 1,337),

BUY 1,3435 SL 1,338 TP 1,365. 

On the USD/CAD daily chart, "Wolf Waves" pattern is in the process of realization. The main scenario is to develop correction towards  50% or 61.8% levels of the CD wave with a subsequent rebound. To continue the downward movement bears need to test the support at 1.3435.

On the USD/CAD hourly chart, the breakout of support at 1.365 increased the risks for implementation of 161.8% target in the Crab pattern. It corresponds to the lower border of the upward trading channel.


USD/JPY: new lows of the Dollar

Expanding bearish Ichimoku Cloud with falling Senkou Span A and B; the falling lines Tenkan-sen and Kijun-sen; the market made a new lows since Nov 2016.

AUD/USD: aussie in consolidation

Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled dead cross of Tenkan-sen and Kijun-sen with the horizontal lines; the market had returned to negative area.



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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