USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
GBP/AUD: bearish reversal
Information is not investment advice
GBP/AUD has breached the support line from August 2019. What is happening at the chart looks like a pretty big change. The bullish trend is reversing down. On Thursday, the pair closed below the 100-day MA at 1.9450 and this level will act as resistance. The further resistance levels lie at 1.9600 and 1.9750. The next target on the downside is a 1.9215 (50% Fibonacci retracement of the 2019-2020 advance).
Trade idea for GBP/AUD
SELL 1.9320; TP 1.9220; SL 1.9350
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.
Has the US dollar lost a top position forever?
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.