Technical analysis of the USD/CAD
Head and shoulders of EUR/AUD?
Information is not investment advice
It seems like on the daily chart, EUR/AUD has been forming the "head and shoulders pattern". However, the right shoulder is forming still. If the pair breaks below 1.5985, we can anticipate a further decline to 1.5910. The next target of the pattern will lie at 1.5814. Nevertheless, indicators signal a possible rebound. The awesome oscillator has formed a bullish divergence with the price chart. RSI indicator is near the oversold area. If the pair stays above 1.5985, we may see a rise to 1.6076.
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USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick.
A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline.