EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
Downside target for USD/CAD
Information is not investment advice
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips. The pair closed below the April-May support line and the 50% Fibo retracement of the 2019-2020 advance. As you may see on the chart, the price broke out of the consolidation range within which it had spent a couple of months.
The next Fibonacci level is at 1.3605. Before that, the pair can have support of the 100-day MA (1.3705). On the H1, USD/CAD formed a triangle – a bearish continuation pattern.
Trade idea for USD/CAD
SELL 1.3750; TP1 1.3705; SL 1.3770
On the D1 chart of GBP/USD the price action conforms to the bearish “Crab” pattern.
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.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
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