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07/11/2022 Market Analysis

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min

DXY

(UPDATE) - DXY recently bounced from the supply zone around 112.800. This caused the market to break below the ascending structure as well as the support zone around 111.600. The move to the downside is very aggressive (impulse wave) which indicates momentum. According to this price action, traders are waiting for a correction to confirm a continuation to the downside for more USD weakness.

EURUSD

(UPDATE) - EURUSD recently pushed to the upside at the back of the NFP data. 261k new jobs were created in the last 30 days and the unemployment rate rose to 3.7% from 3.5%. Even though the NFP data looked good, the unemployment rate was not, and this was one of the reasons USD lost strength against the EUR. From the technical point of view, the market is trading above the previous resistance zones. A correction will indicate a continuation to the upside.

GOLD

(UPDATE) - GOLD has failed to break below 1615.00 for the 3rd time. The recent rejection saw price aggressively rally to the upside and break above the descending channel as well as the resistance zone around 1660.00. The wave to the upside is aggressive and as such, traders want to see a correction forming before looking for trading opportunities to the upside.

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min
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