USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/ZAR: a potential top
SELL 15.10; TP1 15.05; TP2 15.00; SL 15.12
Yesterday USD/ZAR formed yesterday a bearish engulfing pattern on the D1. The pair also formed a lower high on H1 and H4 and fell below the short-term support line at 15.15 - this level is now acting as resistance. As long as the price stays below it, it’s vulnerable for a decline to 15.05 and 15.00. As a result, small bearish bets seem like an interesting option.
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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