USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/MXN is trading in a range
SELL 19.60; TP1 19.55; TP2 19.40; SL 19.62
Let’s try some range trading. It seems that such an opportunity has presented itself in the pair USD/MXN. This pair is quite used to sideways trading. On D1, we see that the upper wicks of the recent candlesticks have been longer than the lower ones - a sign that bulls are less powerful than bears and that the price will likely visit the lower end of the range. In addition, a “shooting star” pattern was formed near the upper Bollinger band, while the Stochastic oscillator crossed the signal line to the downside. As a result, the pair’s likely to test the middle Bollinger band at 19.55. The decline below this level will open the way down to 19.40.
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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