USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Will USD/CAD keep falling?
SELL 1.3240; TP1 1.3200; TP2 1.3115; SL 1.3255
On W1, USD/CAD formed last week a bearish candlestick with the long upper wick. This is a sign that traders are eager to sell the USD on its attempts to recover. On D1, the pair formed a bearish flag and then corrected up to the previous support and now resistance provided by this pattern. Yesterday the recovery slowed down ahead of the resistance line connecting January highs. The daily Awesome Oscillator is declining. USD/CAD is will likely resume its decline moving towards the lower border of the weekly rising channel targeting the 100-day MA at 1.3200 and probably even the 200-day MA at 1.3115.
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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