USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/TRY is looking for patterns
SELL 5.30; TP 5.2685; SL 5.3150
SELL 5.2380; TP 5.2230; SL 1.2430
USD/TRY has been trying to recover since the end of January. The pair formed a higher low. What we see on the chart may be a forming harmonic “Bat” pattern. It means that USD/TRY may continue higher, to 5.3040 to complete the pattern. In that area, it will likely meet resistance (there are also 50- and 200-day MAs in that zone) and turn down. If the pair fails to overcome resistances at 5.2605 and 5.2685, it will first go down to support at 5.2230.
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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