USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/JPY is pressured by resistance
Information is not investment advice
USD/JPY has declined from 111.70 and went into consolidation around 107.50. On the D1, we can see that yesterday’s attempt of bulls to bring the price higher failed: the candlestick has a long upper wick and closed below all the key daily moving averages.
The United States will release ISM Manufacturing PMI at 17:00 MT time on Wednesday, April 1. The release will likely bring the USD in motion. The decline below this week’s low at 107.10 will open the way down to 106.50 (50% Fibo retracement of the March advance). The next level to watch on the downside is at 106.50. Resistance lies at 108.80 and 108.30.
Trade idea for USD/JPY
SELL 107.05; TP 106.50; SL 107.20
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.