USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/JPY: yen can strengthen
TP1 107.4 TP2 106.75 TP3 106.05
On the daily chart of USD/JPY, the “Shark” pattern is transforming into 5-0. After a correction to 50% of the wave CD, an advance above May high will open the way up to the pair. On the other hand, a break of diagonal support (the lower border of the uptrend channel) and the triggering of the “Bat” pattern will increase the odds of it reaching 88.6% target.
On H1, a decline below support at 108.40 will trigger a “Head and Shoulders” pattern and AB=CD will allow bears to develop their attack.
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.
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
The US-China relations are getting more tensed over Hong-Kong. How does that affect the USD?
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