USD/CAD: loonie is rolling into the abyss

USD/CAD: loonie is rolling into the abyss

On the USD/CAD daily, taking advantage of the weakness of the bears, the bulls broke the upper border of the downward trading channel and restored the uptrend. If they manage to keep quotes above 1.357, they might extend the rally towards 1.384.

On the USD/CAD hourly chart, the expanding wedge pattern was realized. This allowed us to open long positions and lock in their profits. The immediate support is located near 1.3525. Previously, it was a resistance. Target 161.8% in the AB = CD pattern is still relevant.

Recommendation: BUY 1,3525 SL 1,347 TP 1,372.


USD/JPY: Dollar will continue downtrend

Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak goldean cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are on the weak Kijun’s support.

AUD/USD: aussie under strong resistance

Bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; a market is overbought and under the strong resistance of 0.8030.

USD/JPY: Dollar in correction to Cloud

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel Tenkan-Kijun; the market is in correction phase.


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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