CAD/JPY recently reversed upward from the demand zone between the support level 82.40, the lower Bollinger Band® and the 50% Fibonacci retracement of the bullish impulse (C) from last November. The reversal has begun the active minor corrective wave (ii). CAD / JPY is expected to continue upward in the direction of the next buy target at the resistance level 84.74.
AUD/JPY recently inverted upward, completing the intermediate correction (2), from the area between the key support level 84.00, the lower Bollinger Band and the 38.2% Fibonacci retracement of the previous bullish impulse in November. AUD/JPY should continue to rise towards the next buy target at resistance level 85.80.
AUD/NZD continues to move upward inside the minor corrective wave 2, which started when the pair reversed from the accumulation area between the support level 1.0770 and the 38.2% Fibonacci retracement of the sharp upward impulse from January. The reversal from the area created the Japanese hammer pattern, followed by a bullish engulfing. AUD/NZD should continue to rise towards the next buy target at the resistance level 1.1020.
EUR/AUD continues to fall as a result of the previous inversion from the supply area between the resistance trendline of the down channel started last year and the 38.2% Fibonacci retracement of the bearish impulse from December. The inversion has created the Japanese shooting star pattern, followed by a bearish engulfing. EUR/AUD is expected to continue to fall toward the next short target at the support level 1.3900.
